- Turkiye and India witness weak steel demand
- Japan, China record slight price adjustments
Global imported scrap markets stayed quiet amid weak steel demand and limited buying. South Asia saw muted activity, while Japan, China, and UAE noted minor price adjustments and stable domestic trends.
Turkiye: Imported scrap market stayed quiet as mills resisted higher offers amid weak steel sales and Republic Day holidays. Most buyers had secured November cargoes. US and Baltic HMS 80:20 was heard at $350-353/t CFR, EU at $340-345/t, with sellers facing resistance due to slow rebar demand and tight margins.
High freight rates, currency volatility, and costly European collection limited trades. US suppliers held firm near $353/t CFR, while Turkiye’s scrap demand stayed weak despite improved global sentiment.
India: India’s imported ferrous scrap market remained weak throughout the week, with activity subdued by regional holidays, a wide bid-offer gap, and sluggish steel demand. Mills stayed away from new bookings as falling DRI prices and ample domestic scrap availability reduced import appetite, relying instead on existing inventories.
Offers for shredded scrap were mostly heard between $346-352/t CFR, while HMS 80:20 hovered around $320-330/t and busheling at $360-368/t. Buyers consistently remained $10-15/t below offers, resulting in limited deals and low port arrivals, particularly at Chennai and Mundra.
Pakistan: Imported scrap market stayed quiet through the week, with weak demand and minimal trades. UK/EU shredded offers were at $356-360/t CFR and HMS at $340-345/t, while mills avoided new bookings amid tight liquidity and slow rebar sales.
Slightly higher offers driven by costlier domestic scrap failed to attract buyers, who stayed below $355/t for shredded. UAE-origin shredded at $372-380/t CFR also saw no takers, keeping overall sentiment muted.
Bangladesh: Imported scrap market stayed weak as most buyers focused on cost control, preferring to run down inventories rather than import at higher prices amid high freight, tight liquidity and sluggish steel demand. Shredded offers were at $365-370/t CFR, with limited HMS 90:10 deals at $330/t. Domestic scrap traded at BDT 45,000-48,000/t ($368-392/t) and rebar at BDT 74,000–78,000/t ($605-637/t).
Additionally, Bangladesh imported 3.84 mnt of ferrous scrap in Jan-Sep 2025, with bulk imports up 12% y-o-y to 2.81 mnt. However, September volumes fell 67% m-o-m to 0.16 mnt due to monsoon disruptions.
Japan: H2 scrap export prices softened as exporters trimmed offers amid weak overseas demand. BigMint assessed H2 at JPY 43,000/t ($279/t) FOB Tokyo Bay, up JPY 500/t ($3/t) w-o-w, while vessel availability tightened after regional holidays.
Tokyo Steel raised scrap purchase prices for the seventh time in November, increasing JPY 500/t ($3/t) at most plants except Kansai. Post-revision, H2 stood at JPY 43,500/t ($282/t) in major plants and JPY 43,000/t ($279/t) in Nagoya.
China: Shagang Steel raised scrap purchase prices by RMB 30/t ($4/t) on 27 October, the first hike in a month. HMS (6-10 mm) now stands at RMB 2,490/t ($350/t), inclusive of 13% VAT.
UAE: Domestic scrap market stayed steady as BigMint’s HMS index rose AED 20/t ($5/t) to AED 1,170/t ($319/t). Domestic HMS traded at AED 1,160-1,170/t, shredded at AED 1,220-1,230/t, while export offers hovered near $375/t CFR. Mills paused deliveries amid high inventories, while export shredded offers hovered around $375/t CFR.
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