- India: Imports softened; shredded scrap weaker, HMS under pressure
- Japan: H2 exports eased; domestic mill prices firm
Global ferrous scrap markets showed a mixed trend this week, with pricing momentum diverging across major import destinations. Turkiye held a steady band after last week’s $5/t rise, supported by firm domestic rebar demand and stable buying interest.
In contrast, South Asia–especially India and Bangladesh–saw weaker import appetite as sluggish construction activity and cautious mill procurement weighed on sentiment. Pakistan held largely stable with narrow trade ranges, whereas Japan recorded marginal export declines despite firmer domestic mill prices. In the US, November scrap settlements were mixed across grades, reinforcing a broader trend of uneven fundamentals shaped by regional demand uncertainty, freight dynamics, and varied mill buying strategies.
Turkiye: Deep-sea scrap prices increased to over $360/t CFR, supported by firm US-origin HMS 80:20 traded at around $360/t and steady freight costs. While mixed downstream demand kept mills cautious earlier in the week, sentiment improved later on, as rebar strengthened. HMS 80:20 offers exceeded $362/t CFR.
Roughly 8-10 deals were concluded at around $354-361/t, with the scrap-to-rebar spread steady at $200-205/t.
Sentiment improved late in the week as stronger domestic rebar supported buying. HMS 80:20 offers exceeded $360/t CFR, while mills delayed bookings, expecting further gains with rebar near $565-570/t.
India: Imported scrap sentiment in India softened through the week despite a brief lift from small deals such as Kuwait PNS at $340/t and West African HMS at $330/t. Weak construction activity and sluggish finished steel sales kept mills cautious, reducing bookings and increasing reliance on domestic scrap while targeting January arrivals.
Shredded scrap lost ground as mills resisted paying premiums above $20/t over HMS. Shredded traded at $340-350/t CFR Nhava Sheva with bids slipping to $340-345/t and offers down to 350-355, while HMS targets fell to $320/t CFR, widening the bid-offer gap.
In the last seven days, between 8,000-9,000 t of imported scrap was booked at $305-353/t CFR, including 5,000-6,000 t of HMS 80:20 at $312-330/t CFR and remaining include PNS, Turning & Boring, LMS bundles, and NTP.
Pakistan: Imported shredded scrap prices in Pakistan remained stable at $355-356/t CFR Qasim, supported by steady European and UK-origin supply, with some mills workable near $353/t. A deal was heard at $357/t, but buying stayed cautious with bids at $355-356/t and offers at $360-362/t.
HMS from the Middle East hovered around $338/t CFR, while sheared HMS traded near $343/t. Stable domestic steel prices, with billets at PKR 188,000/t ($670/t) and rebar at PKR 222,000-225,000/t ($791-802/t), kept mills cautious.
Bangladesh: Imported scrap markets in Bangladesh remained quiet and weak, with limited buying interest keeping HMS between $330-335/t CFR, shredded crap prices between $360-365/t, and PNS trades between $355-370/t. Sluggish domestic steel demand pushed mills to delay bookings, with rebar softening to BDT 72,000-73,000/t ($589-597/t) exw Dhaka and BDT 76,000-77,000/t $621-629/t) exw Chattogram.
Japan: H2 scrap export offers dipped, with BigMint assessing H2 at JPY 43,700/t ($278/t) FOB Tokyo Bay, down JPY 200/t ($1/t). Vietnamese buyers showed limited interest, opting for cheaper regional material, with tradable levels easing to $320-325/t.
Tokyo Steel raised domestic H2 scrap prices by JPY 500/t ($3/t) effective 20 November, with Tahara/Okayama/Kyushu/Tokyo Bay at JPY 44,500/t, reflecting firm mill demand despite weak exports.
US: In Nov’25, the RMDAS ferrous scrap index in the US showed mixed movements: shredded rose $1/t to $371/t, prompt industrial composite increased $2/t to $403/t, while HMS fell $3/t to $333/t.
UAE: Domestic scrap market softened this week, with processed HMS down AED 19/t ($5/t) to AED 1,131/t ($308/t) as mills limited purchases amid weak export demand. Small volumes and cautious mill activity kept PNS, LMS, and HMS 80:20 under pressure.
Leave a Reply