- Indian buyers cautious as INR weakens, dollar touches 93 levels
- Turkish market firm, higher freight supports seller expectations
Global ferrous scrap markets in the week ending 20 Mar’26 showed mixed trends, with firm freight and supply constraints supporting prices, while weak steel demand and Eid holidays in South Asia slowed trading activity despite stronger sentiment in Japan and stable trends in Turkiye.
Turkiye: Deep-sea imported scrap prices in Turkiye showed mixed but firm trends through the week, with US-origin HMS 80:20 heard around $376-382/t CFR. Rising freight costs, with US East Coast rates at $50-60/t, supported higher seller expectations, pushing offers toward $385-390/t CFR for US origin and above $378/t for EU material.
However, trading activity remained limited, as mills resisted offers above $375/t CFR amid weak rebar demand and tight margins. The scrap-to-rebar spread stood at around $190-194/t, with rebar export offers improving to $570/t FOB, although overall demand remained weak.
Despite cautious buying and the ongoing holiday slowdown, firm freight costs and limited alternative raw material options are expected to support scrap prices once market activity resumes post-Eid.
India: Imported scrap sentiment in India remained on the higher side throughout the week, although trading activity stayed limited as buyers resisted elevated offers amid weak steel demand and financial year-end slowdown. UK/EU-origin HMS 80:20 was heard around $365/t CFR, while shredded scrap was indicated near $375-380/t, with bids continuing to trail offers.
Supply conditions remained tight due to reduced scrap generation amid gas-related disruptions and a slowdown in domestic industrial activity, while halted Iranian HBI flows further constrained availability. At the same time, a stronger dollar and higher freight rates increased landed costs, prompting sellers to divert cargoes to more active markets like Bangladesh and Pakistan.
In the last seven days, around 2,500-3,500 t of imported scrap arrived in India, including 1,500 t of HMS 80:20 and 1,000 t of turnings/borings from Thailand at $325-330/t CFR Chennai.
Additionaly, Tata Steel commissioned its first scrap-based Electric Arc Furnace (EAF) facility in Ludhiana, with an installed capacity of 0.75 million tonnes per annum (mnt/year).
Pakistan: Imported scrap sentiment in Pakistan remained firm initially, with UK-origin shredded heard around $405-415/t CFR Qasim and buyer bids near $400-405/t. Strong buying was driven by supply disruptions from the Middle East, redirecting demand toward European cargoes, while rising freight costs further supported higher landed prices and widened the premium over India.
Sentiment softened ahead of Eid, with trading largely stalled, limited offers, and no fresh deals, as both buyers and suppliers adopted a cautious, wait-and-watch approach.
In the last week, around 7,500 t of imported scrap was booked in Pakistan, including shredded scrap from UK/EU origin at $405-410/t CFR Qasim.
Bangladesh: Imported scrap sentiment in Bangladesh remained firm-to-stable during the week, supported by steady buying interest and higher freight costs linked to Middle East disruptions, with UK-origin shredded at $390-395/t CFR, HMS 80:20 at $370-375/t, and PNS deals up to $420/t CFR Chattogram. However, sentiment turned cautious amid freight uncertainty, as firm rates from Australia, Hong Kong, and Singapore pressured mill margins, prompting mills to keep quotations open while adopting a wait-and-watch approach.
Japan: Japan’s FOB H2 export prices also increased by JPY 550/t ($6/t) to around JPY 50,050/t (4536/t). Tokyo Steel raised scrap prices by fifth time this month by JPY 1,000/t (JPY 500/t at select plants) effective 20 Mar’26, supported by firm global sentiment, higher freight, and Middle East tensions.
US: Ferrous scrap sentiment improved slightly this week despite low export activity and higher bunker costs, which continued to weigh on demand from Turkiye, resulting in more material remaining in the domestic market ahead of April trade.
UAE: The domestic scrap index declined by AED 21/t ($6/t) w-o-w to AED 1,143/t ($311/t) amid reduced mill procurement during the Eid slowdown. Processed HMS was heard at AED 1,130–1,145/t ($308–312/t) delivered. Meanwhile, Emirates Steel kept April rebar prices unchanged at AED 2,721/t ($741/t) exw, reflecting a cautious stance in a soft demand environment.
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