- Turkiye: Limited supply drives up US-origin scrap prices
- India: Ample local supply, cheaper alternatives limit trade
South Asia’s imported scrap market remained subdued, with weak demand, ample domestic supply, and currency pressure limiting trade, while the US material saw modest gains amid tight supply and Turkish interest.
Turkiye: Turkiye’s imported deep-sea scrap market started the week on a subdued note, with US/Baltic-origin HMS 80:20 at $330-335/tonne (t) CFR and EU-origin at $325-330/t CFR. Weak steel demand and low prices kept buying interest limited, while sellers faced pressure from softening European collection rates.
As the market progressed, prices gradually recovered, supported by tight supply and expectations of rising demand. US/Baltic-origin HMS 80:20 climbed up to around $342/t CFR, while EU-origin material was at $332-335/t CFR, with the rebound largely driven by supply constraints rather than a surge in mill demand.
India: India’s imported scrap market stayed soft throughout the week, pressured by subdued steel demand, sufficient domestic supply, and cheaper alternatives. Buyers avoided raising bids, leaving trade activity limited. Shredded offers held at $360-365/t CFR against bids at $355-360/t, while HMS hovered at $330-335/t depending on origin. Despite varied offers, muted demand and currency pressure capped buying interest.
Towards the week’s end, Chennai saw fewer arrivals as Australian cargoes were diverted to Indonesia, while UK turnings gained traction in western India.
Around 10,000-11,000 t of imported scrap were booked, including 5,000-6,000 t of HMS 80:20 at $330-340/t, with the balance comprising bundle scrap, turnings, busheling, and hand-loaded HMS.
Pakistan: Pakistan’s imported scrap market was sluggish throughout, with UK and EU shredded offered at $375-378/t CFR against buyer interest at $366-370/t, while UAE-origin shredded was indicated at $385/t CFR.
Cautious sentiment and high freight costs kept activity muted. However, with Turkiye recording a $5-7/t rebound, market participants expect prices to edge higher, with EU shredded likely moving toward $370-372/t CFR.
Bangladesh: The Bangladesh imported scrap market stayed quiet, with offers steady but buying interest weak. Offers for Australian shredded held at $360/t CFR and HMS 80:20 at $338/t, while UK and EU shredded were quoted at $375-378/t CFR against buyer interest at $366-370/t and Malaysian PNS at $370/t CFR, with thin trade activity. Domestic scrap held at BDT 49,000-50,000/t ($401-410), while sluggish rebar demand capped sentiment.
Japan: H2 scrap export prices rose slightly to JPY 41,600/t ($278/t) FOB Tokyo Bay. Limited spot activity and supply constraints, along with higher freight, supported offers, while buyers largely stayed on the sidelines.
Tokyo Steel raised scrap prices for the third time this month, with Okayama at JPY 40,500/t, while tags at the other plants remained stable amid weak domestic and export demand.
US: Export prices rose $7/t w-o-w, supported by tight supply, low inventories at US yards, and strong Turkish mill demand. US HMS 80:20 was traded at $310/t and shredded at $330/t FOB.
UAE: Processed HMS slipped AED 7/t ($2/t) w-o-w to AED 1,201/t ($327/t) amid weak exports to India and Pakistan. Shredded was traded at AED 1,280-1,290/t ($348-351/t). Selective gains are expected next week as South Asian restocking supports demand.
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