Singapore, July 2 – Benchmark international ferrous scrap prices monitored by Platts jumped approximately 22% month-on-month at the start of July. Multiple factors jointly lifted raw material costs for electric arc furnace steelmakers.

       Tighter scrap circulation in China amid stricter environmental inspections reduced cross-border scrap flows. Meanwhile, stepped-up enforcement of the EU CBAM carbon border adjustment mechanism forced mills to increase raw material inventory budgets. Major steel enterprises in Turkey and South Korea immediately announced successive finished steel price hikes to transfer growing scrap costs. Market participants anticipate scrap prices will stay volatile in Q3, putting continuous profit pressure on EAF steel producers across Asia.