- Limited supply, steady mill demand keep Turkish scrap firm
- India remains muted amid weak steel demand, tight liquidity
Global imported scrap markets stayed mostly subdued, with Turkiye firm amid tight supply, Japan and the UAE seeing modest gains, while South Asia, including India, Pakistan, and Bangladesh, remained quiet amid weak demand.
Turkiye: The deep-sea imported scrap market firmed through the week amid steady mill restocking and tightening supply from the US and Baltic regions. Limited inflows ahead of winter and firm freights of $44-46/t supported higher offers, with US-origin HMS 80:20 traded at $350-355/t CFR and EU cargoes near $348-350/t.
Mills showed cautious buying amid flat rebar and weaker Chinese billet prices, though demand for high-grade cargoes sustained sentiment. Deals included US-origin HMS 90:10 at $350/t CFR and shredded at $370/t CFR.
India: India’s imported ferrous scrap market remained subdued throughout the week, with limited buying interest from mills. Offers for shredded scrap hovered around $350-355/t CFR and HMS 80:20 at $325-330/t, while workable bids were $5-10/t lower.
Falling sponge iron prices and steady domestic scrap availability continued to weigh on import appetite. Mills found imported scrap less competitive compared with local material, leading to subdued bids for UK, European, Brazilian, and African-origin HMS. Buyers and sellers appeared unwilling to take risks, reflecting a market under pressure from both local and global steel trends.
Approximately 7,250 t of imported ferrous scrap were booked for India, including 3,000-4,000 t of shredded at $350-355/t, 1,500-2,000 t of HMS 80:20 at $322-330/t, with the remaining volumes comprising LMS, PNS, and NTP.
Pakistan: The imported scrap market was subdued amid weak finished steel demand and tight margins. UK shredded was quoted at $355-356/t CFR, Sweden at $360/t, and the EU at $359/t. Local scrap stood at PKR 130,000-132,000/t ($461-468/t).
Oversupply from the UAE and cautious buying limited trade, with Dubai shredded and HMS-PNS mix workable at $360-365/t and $340-345/t CFR Qasim, while UK and EU-origin HMS held steady at $335-340/t.
Bangladesh: The imported scrap market stayed weak, as mills remained cautious amid poor steel demand and liquidity issues. Australian and New Zealand shredded offers at $365-370/t CFR Chattogram met limited buying below $360/t.
Trade remained slow amid letter of credit (LC) delays and payment issues. Hong Kong-origin PNS was at $365-368/t, South American HMS 70:30 at $330-335/t, while domestic scrap at BDT 46,000-47,000/t ($377-385/t) reflected weak demand.
Japan: H2 scrap was at JPY 43,400/t ($283/t) FOB Tokyo Bay, up JPY 400/t ($3/t). Offers to Vietnam held at $325-330/t CFR, with higher offers at $335/t and bids at $320-324/t, as limited deep-sea supply and subdued finished steel demand kept buyers cautious.
Tokyo Steel raised scrap purchase prices by JPY 500/t ($3/t) from 1 November for all plants except Kansai. H2 scrap now stands at JPY 43,500/t ($282/t), reflecting rising import costs and firmer sentiment despite weak mill demand.
UAE: The domestic scrap market softened, with domestic HMS down by AED 10/t ($3/t) amid regional oversupply. Shredded and PNS-HMS remained stable, as mills used DRI and local scrap for strong rebar demand. Overall sentiment is cautious, with limited near-term activity expected.
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