- Pakistan bookings slow ahead of Eid holidays
- Bangladesh remains weak amid LC constraints
Global ferrous scrap markets remained largely cautious in the week ended 22 May amid weak steel demand in South Asia, subdued Turkish buying activity, and tighter freight conditions, while US prime scrap prices strengthened on improved mill demand. Gulf billet shortages continued supporting regional steel prices.
Turkiye: The deep-sea imported scrap market remained subdued throughout the week amid weak rebar demand, squeezed mill margins, and slower activity during the national holiday period. Turkish mills largely resisted higher offer levels and avoided aggressive bookings, although mills still required additional June-shipment cargoes ahead of the upcoming Eid al-Adha holidays.
HMS 80:20 prices softened slightly to around $411/t CFR Turkiye during the week, while a Europe-origin deal was heard at $406/t CFR. Recyclers increasingly invited bids instead of quoting firm offers amid softer sentiment and pressure from weaker EUR/USD levels.
India: The imported scrap market remained weak throughout the week amid sluggish steel demand, a weak rupee, and poor import viability, with buyers largely resisting higher offer levels. The rupee remained near 95-96 per US dollar, further pressuring buying sentiment and limiting fresh bookings.
Malaysia-origin HMS 80:20 deals were heard around $350/t CFR Chennai, while Malaysia-origin turnings were sold near $340/t CFR. South America-origin LMS bundles were heard at around $335/t CAD, while West Africa-origin HMS 80:20 offers stood at $350-365/t CFR and Australia-origin HMS 80:20 near $365/t CFR Chennai.
Higher-grade imported scrap offers continued facing resistance, with UK-origin shredded scrap heard at $390-415/t CFR, HMS at $360-375/t CFR, and busheling near $425-430/t CFR, while buyers stayed cautious, expecting further downside.
Pakistan: The imported scrap market remained slow throughout the week amid cautious buying sentiment and weak downstream steel demand, with shredded scrap offers largely heard at $420-432/t CFR Qasim and bids remaining lower near $415/t CFR. Selective transactions continued, including for UK-origin shredded scrap around $422-428/t CFR, Malaysia-origin HMS 80:20 near $380/t CFR, and Far East-origin HMS bundles around $405/t CFR.
Additionally, ferrous scrap imports increased by 22% y-o-y to 0.89 mnt in Q1CY’26, although volumes declined 20% q-o-q amid weak steel sector conditions and low mill utilisation rates.
Bangladesh: The imported scrap market remained subdued throughout the week amid weak steel demand and letter of credit (LC) constraints. Market participants noted that weak mill margins and elevated production costs continued to limit fresh procurement activity, while no major improvement was seen due to the ongoing war situation. UK-origin shredded scrap offers were largely heard steady at $415-416/t CFR, while HMS 80:20 offers stood around $388-389/t CFR Bangladesh. Meanwhile, buyers were heard booking ferrous scrap cargoes around $420-425/t CFR, while Philippines-origin GI bundles were sold at around $345/t CFR Bangladesh.
Japan: H2 ferrous scrap export prices were at JPY 53,900/t ($339/t) FOB Tokyo Bay on, down JPY 100/t w-o-w.
Russia: Russia extended its temporary ban on precious metal scrap and waste exports from 1 June to 30 November 2026 to secure additional secondary raw materials for domestic refining facilities.
US: The RMDAS ferrous scrap index showed mixed trends on 21 May, with shredded scrap prices declining to $432/t and HMS to $379/t, while prompt industrial composite scrap increased to $470/t amid tighter prime scrap availability and improved US mill demand.
UAE: The domestic scrap market remained soft during the week ending 22 May amid weak mill demand and limited fresh trades, although billet shortages, elevated freight costs, and logistics disruptions continued supporting regional steel prices. HMS 80:20 processed prices were assessed around AED 1,000/t DAP Abu Dhabi, while billet offers into the UAE were heard at $530-550/t CFR.
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