We report surprising steady oscillations in aggregation-fragmentation processes. Oscillating solutions are observed for the class of aggregation kernels K_{i,j}=i^{ν}j^{μ}+j^{ν}i^{μ} homogeneous in masses i and j of merging clusters and fragmentation kernels, F_{ij}=λK_{ij}, with parameter λ quantifying the intensity of the disruptive impacts. We assume a complete decomposition (shattering) of colliding partners into monomers. We show that an assumption of a steady-state distribution of cluster sizes, compatible with governing equations, yields a power law with an exponential cutoff. This prediction agrees with simulation results when θ≡ν-μ<1. For θ=ν-μ>1, however, the densities exhibit an oscillatory behavior. While these oscillations decay for not very small λ, they become steady if θ is close to 2 and λ is very small. Simulation results lead to a conjecture that for θ<1 the system has a stable fixed point, corresponding to the steady-state density distribution, while for any θ>1 there exists a critical value λ_{c}, such that for λ<λ_{c}, the system has an attracting limit cycle. This is rather striking for a closed system of Smoluchowski-like equations, lacking any sinks and sources of mass.