- Turkiye firm, range-bound amid weak rebar demand
- Kazakhstan extends export ban, supports domestic supply
Global ferrous scrap markets remained firm yet cautious in the week ended 2 May 2026, with strong US fundamentals and Turkiye support offset by weak demand in India, Pakistan, and Bangladesh, while policy measures and currency pressure continued to limit buying activity.
Turkiye: Deep-sea imported scrap market showed a firm but range-bound trend, with US-origin HMS 80:20 mostly heard at $410–420/t CFR and shredded around $430/t. Prices were supported by firm freight rates and strong US domestic fundamentals, with some deals concluded at $410/t for HMS and $430/t for shredded. Offers gradually increased up to $420/t, while bids improved to $410–414/t, narrowing the spread and indicating mills’ partial acceptance of higher levels.
Sentiment remained mixed as weak rebar demand and slow exports capped buying, with mills resisting above $400/t CFR. Despite freight and supply support, the market stayed cautious with doubts over price sustainability.
Kazakasthan: Kazakashthan has extended its export ban on ferrous and non-ferrous scrap until October 2026 to ensure steady domestic supply and support its steel sector. The policy, in place since 2018, continues to prioritise local processing and resource security.
India: Imported scrap market remained largely subdued during the week, despite firm offer levels from global suppliers. HMS offers were mostly heard at $380-395/t CFR, while shredded ranged at $410-425/t, supported by tight scrap availability in the US and EU. However, workable levels stayed significantly lower, with buyers indicating around $375-380/t for HMS and close to $400/t for shredded, keeping trade activity limited. The lack of bulk arrivals at ports like Kandla and Chennai further highlighted weak import demand.
Offers varied across origins, with Australia bulk HMS at $360-365/t CFR, UK/EU HMS at $370-390/t, and shredded at $395-415/t. Despite competitive levels, weak steel demand and margins kept buyers cautious, while the rupee near INR 95/USD reduced affordability, widening the bid-offer gap and slowing deals.
Addittionaly, The 2026 ELV Amendment Rules expand EPR obligations across multiple waste streams and mandate at least 10% recycled steel use in vehicles from FY2026-27. They also tighten reporting, introduce EPR certificates, and strengthen compliance tracking to boost scrap utilisation.
Pakistan: Imported scrap market remained quiet to stable, with weak demand and 40% mill utilisation limiting activity despite firm offers, as UK/EU shredded was heard at $420-430/t CFR Qasim and local scrap at PKR 155,000-158,000/t ($556-567/t), while a 100 bps rate hike to 11.50% tightened liquidity. However, selective buying supported stable deals, with UK/EU shredded at $423-424/t, turning scrap at $370/t, and Malaysia-origin busheling at $435-440/t CFR Karachi alongside shredded/busheling near $445/t CFR Qasim.
Bangladesh: Imported scrap market remained largely stable, with HMS 80:20 mostly indicated at $380-400/t CFR Chattogram and shredded scrap at $415-435/t. Specific deals included a Singapore-origin PNS cargo at $425/t, while UK-origin HMS was heard around $385-395/t and shredded near $420/t. Offers for higher grades like busheling and PNS were reported at $425-440/t, with Australian and New Zealand shredded heard at $435/t and $407/t respectively.
Japan: H2 scrap export prices rose to around JPY 54,400/t ($346/t) FOB Tokyo Bay, supported by firm domestic demand and limited overseas selling ahead of holidays.
US: Ferrous scrap sentiment turned bullish ahead of May, supported by strong flat steel prices and higher mill utilisation, with prices stable w-o-w as busheling held at $445-450/t, shredded at $430-435/t, and HMS at $380-385/t. Export prices edged up, with US HMS at $405-410/t CFR and shredded at $415-418/t, supported by firm buying from Vietnam ($405-408/t) and Turkiye ($412-413/t).
Leave a Reply