- US scrap offers firm as domestic supply tightens
- Asian buyers likely to turn active post-Ramadan
US ferrous scrap export offers increased by up to $5/t w-o-w, supported by tight supply of prime scrap in the US domestic market amid steady demand from local mills.
A market participant observed, “Scrap availability is limited, and buyers are becoming more aggressive in securing what’s available.” This has put pressure on supplies which, coupled with consistent demand, continues to support current price levels.
Meanwhile, a US-based market participant noted that although Turkish buyers initially responded with “panic”, sentiments stabilised by yesterday, with most shifting to a wait-and-see approach. Despite ongoing uncertainty, US export offers held firm at $385-390/t CFR.
FOB assessments (US East Coast, bulk)
- Shredded were up by $5/t w-o-w to $379/t.
- HMS 80:20 increased by $5/t w-o-w to $359/t.
CFR assessments (bulk)
- HMS 80:20 was at $381/t CFR Turkiye, up by $6/t w-o-w.
- HMS 80:20 stood at $365/t CFR Vietnam, up by $5/t w-o-w.
- HMS 80:20 was at $378/t CFR Chattogram, up by $4/t w-o-w.
US scrap prices rise
In Mar’25, the RMDAS ferrous scrap index, indicating spot market prices for steel mills and foundries in the US, witnessed an uptrend. The index recorded the following price adjustments (compared to the previous assessment on 21 February):
- Shredded scrap increased by $28/t to $465/t.
- Prompt industrial composite scrap rose by $30/t to $496/t.
- HMS increased by $20/t to $405/t.
Updates on key importers
Turkiye: Demand for US-origin scrap in Turkiye showed signs of resilience this week, with deep-sea HMS 80:20 prices rising w-o-w, following a confirmed US-origin sale at a higher level. Indicative offers for US-origin HMS 80:20 were reported at $385-390/t CFR.
Despite the upward momentum, some market participants are concerned that Turkiye’s sharp lira depreciation–down nearly 7% earlier in the week and briefly plunging 13% before partially recovering–could weaken mills’ purchasing power and delay further scrap bookings.
Local scrap prices rose in Lira terms but declined significantly in USD, raising caution over near-term deep-sea scrap demand.
Bangladesh: Demand for US-origin scrap in Bangladesh saw a slight uptick this week, with imported HMS (80:20) bulk prices rising w-o-w. Offers for US West Coast HMS 80:20 were heard at $385-390/t CFR.
Also, premium grades like shredded and PNS remained scarce amid strong US domestic demand.
While overall trading activity in Bangladesh stayed muted, the larger mills actively sought US-origin cargoes to secure tonnage ahead of potential price increases, driven by tightening global supply. In contrast, the smaller mills remained cautious, limiting purchases.
Vietnam: Demand for US-origin scrap in Vietnam showed steady momentum this week, with deep-sea HMS 80:20 cargoes assessed at $365-370/t CFR, up w-o-w supported by improved spot sentiment following the Kanto tender and tight seller positions, despite a persistent bid-offer gap.
Open-origin cargoes saw bids at around $340/t CFR, while sellers held tradable levels at $350-355/t CFR with cautious buyer sentiment.
Outlook
Sell-side sources were optimistic that tight domestic supply of prime scrap, combined with an anticipated pickup in activity in Turkiye and other countries after Ramadan in early April, will support export prices.
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