- Turkiye prices soften; India imports remain subdued
- Bangladesh cautious; UAE scrap prices strengthen
Global ferrous scrap market remained weak in the week ended 19 June, as market sentiment remained weak on subdued steel demand, margin pressure, and cautious buying weighed on trade across key markets. While South Asian buyers targeted lower prices, Turkish scrap values softened further, while UAE domestic prices and South Korean inventories increased.
Turkiye: Deep-sea imported scrap sentiment weakened further as falling rebar prices and negative mill margins continued to pressure buying activity. Turkish mills remained largely absent from the market, pushing for lower workable levels.
Recent US-origin HMS 80:20 deals were reported at around $388/t CFR, dragging market assessments down to $385-388/t CFR by week-end. Europe-origin HMS 80:20 was heard at $387/t CFR, while UK and Western European exporters were reportedly targeting $380-385/t CFR to secure sales. Market participants expect the recent US deal to put additional pressure on prices at the start of next week, with some indicating that further downside towards the $370s cannot be ruled out if weak rebar demand persists and mills continue to push back against scrap suppliers.
India: Imported ferrous scrap market remained subdued throughout the week, with weak steel demand, poor import viability, and the availability of cheaper domestic alternatives such as sponge iron, DRI, and busheling scrap continuing to weigh on buying sentiment. Mills largely stayed away from fresh bookings and focused on immediate requirements.
A wide bid-offer gap persisted, with HMS 80:20 offers largely heard at $340-355/t CFR and shredded scrap at $380-395/t CFR, while buyers targeted lower workable levels of $330-340/t CFR for HMS and $350-375/t CFR for shredded scrap. Demand for shredded scrap in southern India remained particularly weak amid ample availability of lower-cost domestic feedstock.
In the last seven days, around 3,500-4,000 t of imported ferrous scrap was booked for India, including HMS 80:20, LMS bundles and Turning Turnings scrap.
Pakistan: Imported shredded scrap sentiment weakened during the week as buyers remained cautious amid weak steel demand and expectations of further price declines. UK/EU-origin shredded offers eased to $410-415/t CFR Qasim, while buyers targeted $400-407/t CFR. Reported deals included UK-origin shredded at $417-423/t CFR Qasim and Malaysia-origin shredded at $430/t CFR Karachi, though overall buying activity remained subdued.
Bangladesh: Imported scrap sentiment weakened during the week as buyers remained cautious amid weak steel demand, rising electricity tariffs, and pressure on mill margins. Shredded scrap bids softened to $400-410/t CFR against offers of $407-425/t CFR, while HMS indications were heard at $375-385/t CFR. Limited deals were reported for Brazil-origin PNS at $425/t CFR and HMS 90:10 at $385/t CFR, with buyers continuing to target lower workable levels.
Japan: H2 ferrous scrap export prices declined by JPY 900/t w-o-w to JPY 51,100/t in the week ended 19 June. The decline was driven by the availability of more competitive offers in the export market, which pressured pricing sentiment.
Additionaly, Japan’s ferrous scrap exports fell 10% y-o-y to 1.6 mnt in Q1CY’26, as higher H2 scrap prices at $289/t FOB Tokyo Bay and tighter domestic supply reduced competitiveness.
South korea: Scrap inventories rose by 51,000 t (6%) w-o-w to 935,000 t as of 16-17 June, marking a fourth consecutive weekly increase. The rise was driven by aggressive buying from major steelmakers, although inventories at rebar producers remained relatively tight.
US: The ferrous scrap market remained stable, supported by strong domestic steel demand. However, export sentiment weakened, with HMS export prices falling by around $8/t w-o-w to $362/t and shredded scrap declining to $392/t amid softer overseas buying interest.
UAE: Domestic ferrous scrap prices rose by AED 11/t w-o-w, with HMS (80:20) processed scrap assessed at AED 1,038/t DAP Abu Dhabi. The increase was supported by steady mill demand and expectations of tighter scrap availability following discussions around a reported export restriction.
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