- Turkish market remains stagnant, sellers under pressure
- Currency volatility in India, weak buying keep trade muted
South Asia’s imported scrap market remained subdued, with India, Pakistan, and Bangladesh seeing muted activity amid weak mill demand and currency volatility, while Turkey experienced stagnant deep-sea prices under persistent market pressure.
Turkiye: Turkish deep-sea scrap prices trended lower through the week, with US/Baltic-origin HMS 80:20 mostly in the $334-338/t CFR range and EU-origin cargoes at $326-332/t CFR. Mills continued to apply pressure, pushing prices down by around $7/t w-o-w, as weak sentiment and muted demand limited trading activity.
Participants noted that current levels appear unsustainable for sellers, given rising freight rates, high collection costs, and currency challenges. While EU suppliers showed more flexibility, US exporters were reluctant to compromise further, with some expected to hold back cargoes until prices rise above $340/t CFR. Overall, the market stayed stagnant.
India: India’s imported scrap market remained largely quiet through the week, with shredded holding at $360-365/t CFR Nhava Sheva, though workable levels were closer to $360/t, while busheling at $375-378/t met bids closer to $365-366/t and HMS at $330-335/t CFR. Currency volatility and weak buying appetite kept activity muted.
Mills showed little interest in higher shredded offers and cheaper domestic substitutes kept mills reluctant to accept higher prices. Participants felt prices were already near the bottom, making sharp corrections unlikely, while a $5-10/t bid-offer mismatch further restricted trades.
Pakistan: Pakistan’s imported scrap market remained slow throughout the week, with UK shredded offered at $372-375/t CFR and workable levels near $368/t. Heavy rains and flooding slowed mill operations, keeping buying interest limited and overall activity muted. Dubai-origin HMS was reported at $368/t CFR, with few fresh deals.
Approximately 7,700-8,500 t of imported shredded scrap was booked last week, including 5,000 t of shredded scrap at $365-373/t, along with busheling and bundle scrap.
Bangladesh: Imported scrap markets stayed mostly stable, with muted trading as mills favoured domestic scrap. A 500-t AB bundle deal from Hong Kong at $355/t CFR Chattogram was recorded. US/New Zealand shredded offers held at $375-378/t CFR, bids $370-372/t. UK/EU shredded at $378-380/t CFR saw limited interest, while Australian shredded was $360/t CFR and HMS 80:20 around $338/t.
Japan: H2 scrap export prices remained range-bound w-o-w, with subdued activity amid a stronger yen and moderate overseas demand. BigMint assessed H2 at JPY 41,500/t ($281/t) FOB Tokyo Bay, down JPY 100/t ($1/t) w-o-w, as buyers stayed cautious.
Tokyo Steel raised scrap prices for the second time this month, with Okayama at JPY 40,000/t, Kansai at JPY 39,500/t, and Kyushu at JPY 40,500/t amid weak domestic and export demand.
China: Shagang Steel raised scrap prices by RMB 50/t ($7/t) on 16 Sep’25, marking the second increase this month. HMS (6-10 mm) now stands at RMB 2,460/t ($346/t), up from RMB 2,410/t ($339/t).
US: Export prices fell $6/t w-o-w to below $338-340/t CFR, pressured by cautious Turkish buying, rising freight to $45/t, and weak domestic demand. September trades dropped $12-13/t, while exporters reduced dockside rates ahead of winter.
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