- India cautious as rupee weakness raises import costs
- Pakistan sentiment firm but activity subdued post-Eid
Global ferrous scrap markets strengthened in the week ending 28 March 2026, with Turkiye witnessing a sharp $20/t rise and over 0.5 million tonnes (mnt) booked in the past 3-4 days, while South Asia remained cautious. Strong Turkish demand supported US markets, and Japan export offers also remain firm amid rising freight costs.
Turkiye: Deep-sea imported scrap prices in Turkiye increased sharply w-o-w, with US-origin HMS 80:20 rising to around $395-400/t CFR from $376-382/t, marking a nearly $20/t jump and a clear shift towards seller control. The uptrend was driven by higher freight and energy costs amid Middle East tensions, along with stronger buying as mills rushed to secure April shipments. Over the past three to four days alone, more than 0.5 mnt of scrap were booked, reflecting a surge in procurement activity.
However, improving rebar export offers provided some support, while the sharp pickup in buying strengthened seller dominance.
Turkish mills started testing containerised scrap imports last month alongside bulk cargoes, as some UK suppliers offered smaller shipments to offset slow material movement amid weak South Asian demand and build a presence with Turkish buyers seeking better cost control.
India: The imported scrap market witnessed a w-o-w increase in prices, driven by sharp rupee depreciation (near INR 94/$), elevated freight costs, and ongoing supply disruptions. UK/EU-origin HMS 80:20 moved up to $370-372/t CFR, while shredded scrap rose to $390-396/t CFR, as suppliers maintained firm offers despite limited buying interest.
Market sentiment remained subdued, with mills cautious amid high costs and weak demand. Middle East tensions tightened container supply, raised freights, and disrupted 20% of imports, pushing mills to rely more on domestic scrap.
Around 4,000 t of imported scrap booking were surfaced during the week, including Singapore-origin HMS (bundles) at $360/t CFR Chennai and New Zealand-origin HMS (machine loaded) at $365/t CFR Chennai, reflecting selective buying amid challenging market conditions.
Pakistan: The imported scrap market remained firm but subdued over the week, with trading activity largely affected by Eid al-Fitr holidays. UK-origin shredded scrap was heard at $410-420/t CFR Qasim, though buying interest stayed limited amid muted participation.
Post-Eid, activity resumed gradually, but the market remained cautious with no major deals heard. Mills continued selective bookings, supported by firm overseas markets and tight supply, while strong UK-origin offers remained largely unaffordable for many buyers.
Bangladesh: The imported scrap market showed a firm-to-upward trend during the week, supported by higher freight costs and stronger offers from key origins. UK-origin shredded scrap moved above $405-406/t CFR Chattogram; HMS 80:20 rose to $380-385/t, while PNS from Hong Kong and Australia was heard at $410-415/t CFR.
Despite rising prices, sentiment remained cautious as mills engaged in selective buying amid weak margins and high landed costs driven by elevated freights. Trading activity stayed limited during Eid, with only a few deals heard, including UK-origin shredded booked near $400/t CFR, as mills largely adopted a wait-and-watch approach.
Japan: Japan’s FOB H2 export prices increased by JPY 750/t ($5/t) to around JPY 50,800/t ($317/t), supported by stronger offers and improved buying indications amid limited supply availability and rising freights.
US: Ferrous scrap sentiment strengthened in the week ending 27 March, supported by improved export demand, particularly strong buying from Turkiye, and firmer domestic markets. FOB HMS rose by $15/t to $368/t, with shredded at $388/t, while demand may offset pressure from ample obsolete supply.
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