- India scrap market slows as Holi holiday dampens demand
- Pakistan scrap offers rise amid UAE supply disruptions
Global ferrous scrap markets remained cautious in the week ended 7 March 2026, as Middle East tensions disrupted shipping routes, lifting freight costs and tightening supply. Trading activity stayed limited across Turkiye, India, and Pakistan, while Bangladesh saw firmer offers. Meanwhile, Japan and China recorded mild price support amid improving demand.
Turkiye: Deep-sea imported scrap prices into Turkiye remained largely stable during the week, with US-origin HMS 80:20 workable around $370-375/t CFR and EU/Baltic material near $368-375/t CFR, while trading activity stayed limited as mills showed cautious buying interest amid weak finished steel margins. Market sentiment remained uncertain due to escalating Middle East tensions and freight volatility, with suppliers resisting lower mill bids and participants largely staying on the sidelines, awaiting clearer direction.
India: Imported scrap market sentiment in India turned cautious this week as escalating Middle East tensions following the US-Iran conflict pushed freight costs higher and disrupted shipping routes. Tightening availability from the Middle East and rising bunker prices lifted exporter offers, with shredded heard around $375-380/t CFR and HMS around $355-360/t CFR. Container rate increases also added pressure on landed scrap costs.
However, Indian buyers largely resisted higher offers as workable levels lagged rising indications. Mills kept bids near $350/t for HMS and around $365-370/t for shredded.
Trading activity remained limited as the Holi holiday period in India slowed procurement decisions and market participation. Weak demand from key ports such as Kandla and cautious buying sentiment kept mills in a wait-and-watch mode despite upward pressure from the supply side.
Pakistan: Imported scrap market sentiment in Pakistan remained cautious during the week as Middle East tensions and the US-Iran conflict disrupted shipping through the Strait of Hormuz, tightening UAE-linked supply and pushing freight and bunker costs higher. UK/EU-origin shredded indications were heard around $380-385/t CFR earlier, with offers later rising to $390-395/t and indications near $405/t, though fresh trades remained limited as buyers stayed cautious amid ongoing logistical disruptions.
Additionally, Pakistan’s ferrous scrap imports increased by 37% y-o-y to 3.6 million tonnes (mnt) in CY’25 compared with 2.62 mnt in CY’24, as per latest BigMint data.
Bangladesh: Imported scrap market sentiment in Bangladesh strengthened during the week as the US-Iran conflict and Middle East tensions disrupted regional supply chains and lifted freight expectations. Offers increased, with HMS 80:20 heard around $355-360/t CFR Chattogram, HMS 1 near $365-370/t and shredded around $375-385/t, while Malaysian PNS was offered at $388-390/t. However, buyers remained selective, considering higher shredded offers overpriced despite steady supply from Australia and New Zealand.
Japan: H2 scrap prices rose by JPY 1,000/t w-o-w to JPY 47,500/t ($301/t) FOB Tokyo Bay, indicating cautious upward momentum. Meanwhile, Tokyo Steel kept its scrap purchase prices unchanged across most plants in its second price announcement this month, effective 6 March.
China: China’s ferrous scrap prices may edge higher in March as mills rebuild inventories after the Chinese New Year holiday. The composite price rose to around RMB 2,440/t by early March, while inventories dropped 23%, with demand expected to improve as EAF mills gradually restart operations.
Brazil: Brazil’s ferrous scrap exports increased by around 29% y-o-y to 849,400 t in CY’25 from 656,300 t in CY’24. In CY’25, India led the importers list with 607,300 t,
UAE: Domestic ferrous scrap prices rose by AED 31/t w-o-w to AED 1,246/t ($339/t) on 4 March as Gulf tensions tightened regional scrap flows and slowed exports. Suppliers withheld offers amid shipping disruptions, higher bunker costs and possible war-risk surcharges, raising concerns for South Asian buyers, particularly Pakistan, which heavily relies on UAE-origin scrap.
Leave a Reply