- India, Pakistan and Bangladesh markets remained subdued
- Japan and Türkiye markets stayed largely range-bound
Global ferrous scrap markets across Asia remained largely subdued during the week ended 14 August, with cautious mill buying, weak steel demand and currency pressures limiting activity. Tight European supply and freight constraints provided some support, keeping prices mostly range-bound.
Turkiye: Imported deep-sea ferrous scrap prices remained broadly stable through the week as tight European scrap availability and logistical disruptions on the Rhine continued to support prices. US-origin HMS 80:20 remained around $375-377/t CFR, while EU-origin material softened to $368-371/t CFR amid slightly improved availability.
Trading activity remained muted towards the weekend as weak rebar sales and subdued summer demand kept mills cautious. Despite limited fresh bookings, tighter European supply and restricted German exports due to low Rhine water levels continued to provide support, keeping the market largely range-bound.
India: Imported ferrous scrap market remained subdued during the week, with weak import viability, a soft rupee and monsoon conditions limiting buying interest. HMS 80:20 was offered around $335-340/t CFR Mundra, while UK shredded scrap offers were heard at $390-395/t CFR against bids near $370-375/t.
Trading remained selective, with Europe-origin turnings sold at around $290/t CFR Mundra, while hand-loaded material was heard at $340-345/t. Despite some improvement in demand, downstream buying remained sluggish.
Towards the week-end, sentiment stayed cautious as stronger billet exports supported demand expectations, but failed to lift HMS bids significantly. Imported scrap prices are likely to remain rangebound in the near term amid currency pressure and limited downstream support.
Freight: India-bound ferrous scrap freights were mixed during the week. Melbourne-Chennai remained stable at $1,300/FCL, while London Gateway-Chennai and JNPT rose to $1,462.5/FCL and $1,375/FCL, respectively, amid tighter vessel space and firmer carrier pricing.
Pakistan: Imported ferrous scrap market remained quiet during the week, with limited fresh buying interest as mills had already covered a significant portion of their July requirements. UK-origin shredded scrap offers were heard at $414-420/t CFR Qasim, while bids remained around $410-412/t. Around 4,000-5,000 t of UK-origin shredded scrap was booked at $412-417/t CFR
Market activity was also weighed down by recent sales tax changes, which increased costs for domestic scrap users and prompted mills to adopt a wait-and-see approach. Local scrap prices were around PKR 150,000-155,000/t, while yards remained cautious on fresh supplies. Overall, sentiment stayed subdued, with buyers showing limited urgency for new bookings.
Bangladesh: Imported ferrous scrap market remained subdued during the week, with weak finished steel demand keeping mills cautious on procurement. Australia/New Zealand-origin HMS 90:10 offers eased to $365/t CFR Chattogram from $375/t, against bids near $360/t, while UK-origin shredded was offered around $395/t and HMS 80:20 at $355-360/t CFR.
Buying interest remained limited as a wide gap persisted between buyer bids and seller offers. Australia- and South America-origin HMS 80:20 was bid at around $365/t CFR against offers of $380-385/t, while UK shredded buyers were countering around $375/t. No fresh deals were concluded, although some bookings are expected as mills return to the market.
Japan: H2 export scrap prices FOB Tokyo Bay stable at JPY 48,500/t ($305/t), supported by the Kanto tender. Japan’s H2 ferrous scrap export prices remained stable in the week amid quiet market activity, with most Japanese dealers away for the Mountain Day holiday on 11 Aug and the Obon holidays from 13-16Aug.
UAE: Domestic scrap prices edged higher amid tight availability and persistent billet shortages, with BigMint’s processed HMS assessment rising AED 7/t ($2/t) w-o-w to AED 982/t ($267/t). Mill buying levels remained at AED 980-990/t ($267-270/t), against trader offers of AED 1,000-1,020/t ($272-278/t), limiting transactions. Billet shortages also forced one re-roller to operate at below 50% capacity.
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