- UAE scrap prices drop to multi-year lows on weak exports
- Turkiye see firm prices amid strong rebar demand, tight supply
Global imported ferrous scrap markets remained mixed, with South Asian markets subdued-India, Pakistan, and Bangladesh saw weak demand and limited buying-while Japan’s H2 scrap rose on a softer yen and US exports on strong Turkish sales. UAE prices eased amid cautious buying.
Turkiye: Turkiye’s imported ferrous scrap market stayed firm through the week, supported by better rebar demand and tightening supply, with US-origin HMS 80:20 trading at $361-364/t CFR and EU-origin scrap at $356-358/t CFR. Availability remained limited as shortsea sellers diverted volumes to domestic markets and US supply stayed tight, while firm freight rates added support. Mills booked cautiously for 3-4 January cargoes as thin liquidity and demand uncertainty kept prices largely sideways.
India: India’s imported ferrous scrap market remained subdued throughout the week as mills shifted toward cheaper domestic sponge iron, local scrap, and HBI amid weak finished steel sales, which rendered earlier import price levels unworkable. Offers remained steady, with HMS 80:20 near $330/t CFR, HMS 90:10 at $340-345/t, shredded around $355/t, and PNS at $360/t, while workable bids stayed noticeably lower.
Competition from higher Turkish bookings diverted containerised scrap away from India, widening the India-Turkiye price gap and discouraging buying, as exporters increasingly favoured markets such as Turkiye, Pakistan, and Bangladesh.
In the last seven days, India booked around 14,500 t of imported scrap, including 5,750 t of HMS 80:20 at $315-340/t CFR , 2,000 t of shredded at $347-352/t, and the rest in busheling, turnings, and NTP bundles.
Pakistan: Imported scrap market remained steady throughout the week, though sentiment was mixed as mill utilisation hovered around 35-40% and was expected to fall further with winter. Buying was largely limited to cost-covering needs, keeping trade volumes subdued. Shredded scrap from Europe and the UK was assessed around $355/t CFR Qasim, with deals at $357-360/t and bids near $352-356/t. UAE-origin HMS continued trading in the $335-340/t CFR range.
Bangladesh: Imported scrap market remained subdued throughout the week as political uncertainty, weak downstream demand, and tight liquidity kept mills cautious despite the construction season. Buying was limited, with suppliers holding firm and buyers resisting due to adequate inventories and quality concerns on some PNS cargoes from Argentina.
Price indications edged higher amid reduced supply and firmer sentiment, supported by 9,000 t of Singapore/Malaysia PNS at $367/t CFR Chattogram and US HMS deals at $355-360/t, while actual trading volumes stayed modest.
Japan: H2 scrap prices rose to JPY 43,950/t ($281/t) FOB Tokyo Bay, supported by a weaker JPY Offers to Vietnam were $325-328/t CFR, but demand remained subdued due to floods, storms, and cautious domestic and export buyers.
China: Shagang Steel cut scrap prices by RMB 40/t ($6/t) on 24 Nov, with HMS (6-10 mm) now at RMB 2,390/t ($336/t), down from RMB 2,430/t ($346/t) on 12 Nov.
US: US export scrap prices edged up by $7/t w-o-w following strong cargo sales to Turkiye, with HMS 80:20 at $360-362/t CFR and shredded at $380/t CFR, reflecting slightly higher export index levels.
UAE: Domestic scrap market weakened with HMS 80:20 at AED 1,124/t ($306/t) and shredded at AED 1,150-1,170/t amid weak export demand and cautious buying. A 2,000 t UAE shredded cargo went to Pakistan at $360/t CFR. Emirates Steel held rebar steady and billet buying rose.
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