- Prices in India up 2%, sponge iron firm up
- Pakistan, Bangladesh markets remain weak during monsoon
Global ferrous scrap prices were stable this week, with Turkiye and Japan holding steady, India posting modest gains, and Pakistan and Bangladesh remaining subdued on weak demand. The UAE firmed on strong local buying, while Vietnam saw slight declines amid muted interest.
Turkiye: Turkiye’s deep-sea scrap market stayed steady this week, with mills limiting new bookings after covering most August needs. US-origin HMS 80:20 was assessed at $346/t CFR, unchanged from last week, while EU/UK cargoes were heard at $340-343/t CFR. Activity stayed muted amid the seasonal slowdown, with many European participants away on holiday.
Sentiment stayed weak on sluggish steel demand and muted exports, keeping mills cautious. A weaker Euro posed downside risks, though higher freight costs offered support by limiting further price cuts. Activity is expected to improve in August as mills return with fresh inquiries.
India: India’s imported scrap market saw a modest price gain this week, with shredded averaging $368/t, up 2% from last week’s $361/t. UK-origin shredded was heard at $360-365/t CFR, while HMS hovered at $345/t CFR, though procurement stayed limited as suppliers diverted cargoes to Pakistan and domestic demand remained weak.
Firming iron ore and sponge iron prices lent support, with EU-origin shredded offers climbing to $370-375/t CFR and UK HMS to $340-345/t. Expectations of higher finished steel prices in August lifted sentiment, but Indian mills continued to book selectively.
Around 5,700-6,500 t of imported scrap was booked for India over the week, including 2,500-3,000 t of HMS 80:20 at $330-345/t, with the balance comprising HMS-LMS bundles, LMS, and HMS-PNS mix.
Pakistan: Pakistan’s imported scrap market stayed sluggish this week, with UK/EU-origin shredded averaging $383/t, unchanged from last week, as monsoon rains and flooding cut mill operations to 30-35% of capacity. Early shredded bookings around $385/t CFR slowed on weak production and liquidity concerns. Offersfor UAE shredded at $390-394/t and HMS at $350-355/t.
Some mills booked selectively to replenish low inventories, but sentiment remained weak under pressure from the Chinese steel market downturn. Buyers avoided large commitments, keeping overall activity muted despite steady offers.
Bangladesh: Bangladesh’s imported scrap market stayed quiet as mills delayed bookings amid weak steel demand and monsoon disruptions. UK-origin shredded was steady at $375/t CFR while Australian shredded was at $366-370/t, unchanged from last week, while HMS 80:20 in containers held near $355/t.
Persistent rainfall, tight credit, and political uncertainty kept sentiment weak, leaving mills cautious and limiting bigger bookings despite slightly firmer offers across origins.
Japan: H2 scrap export market stayed stable in early August, supported by balanced supply-demand and limited offers ahead of the Obon holidays, despite muted trading and weaker Vietnamese demand. Offers to Vietnam stood around $315/t CFR against bids near $310/t, with no confirmed trades.
BigMint’s weekly assessment held H2 unchanged w-o-w at JPY 40,700/t ($271/t) FOB Tokyo Bay.
China: China’s Shagang Steel raised scrap purchase prices by RMB 50/t ($7/t) on 28 Jul’25, lifting HMS (6-10 mm) to RMB 2,490/t ($347/t) including 13% VAT, up from RMB 2,440/t ($340/t) on 14 Jul’25, returning to levels last seen at the start of 2025.
Vietnam: Imported scrap prices eased by up to $3/t w-o-w as mills with sufficient stocks curbed buying. US-origin bulk was offered at $345/t CFR against bids of $325-330/t, with added supply from Taiwan, South Korea, and Bangladesh.
Domestically, demand stayed steady, with mills likely to resume bulk purchases if prices narrow.
UAE: BigMint’s UAE processed HMS index rose AED 20/t to AED 1,221/t ($332/t) on strong demand and tight supply. Shredded reached AED 1,270-1,290/t, with exports to Pakistan at $394-395/t CFR. Market sentiment remained firm, though prices may soften toward AED 1,200-1,210/t.
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