Scrap Metal Prices | Ferrous Scrap | Pricing History

Price of Steel Scrap: 2001-2025

Scrap metal represents one of the steel industry's most critical and versatile raw materials. As a key input for Electric Arc Furnace (EAF) steelmaking, ferrous scrap enables the production of new steel products with significantly lower energy consumption and carbon emissions compared to primary ore-based production.

Steel scrap serves multiple essential functions. It provides a cost-effective alternative to virgin iron units, acts as a circular economy cornerstone by recycling valuable resources, serves as a critical price benchmark for other metallics (including pig iron and DRI), and helps steelmakers optimise their metallic mix for specific product requirements. This price series tracks international ferrous scrap prices (HS code 720449) from 2001 to present, reflecting market dynamics influenced by global steel production levels, manufacturing output, energy costs, and regional trade flows.

Monitoring these trends provides valuable insights for steel producers, recyclers, traders, and industrial consumers navigating the volatile metals marketplace.

Notes and definitions for the ferrous scrap pricing data shown in table above

1) Prices are in US $ per metric tonne. They describe average monthly world export fob prices.
2) Scrap definition is Scrap: Old Steel as covered under harmonised system code 720449. This definition covers the largest category of internationally traded ferrous scrap.
3) Pricing data is compiled by MCI. It originates from national customs statistics of larger exporting countries.
4) Note that the latest price points (the last month in particular) may change, as additional customs data becomes available.
5) Final data point normally shows scrap prices per ton that are ~2 months old. [A short delay is necessary for data collection].