The recovery of iron contained in mill scale rather than iron ore can be considered a promising valorization pathway for this waste, especially if carried out through reduction using biogenic carbon sources. Nevertheless, the physicochemical properties of the latter may hinder the industrial transferability of such a pathway. In this work, the mechanical and metallurgical behavior of self-reduced briquettes composed of mill scale and four biogenic carbons (with increasing ratios of fixed carbon to volatile matter and ash) was studied. Each sample achieved mechanical performance above the benchmarks established for their application in metallurgical furnaces, although the presence of alkali compounds in the ash negatively affected the water resistance of the briquettes. In terms of metallurgical performance, although agglomeration successfully exploited the reduction by volatiles from 750 °C, full iron recovery and slag separation required an amount of fixed carbon higher than 6.93% and a heat treatment temperature of 1400 °C. Finally, the presence of Ca-, Al-, and Si- compounds in the ash was essential for the creation of a slag compatible with steelmaking processes and capable of retaining both phosphorus and sulfur, hence protecting the recovered iron.