Weekly round-up: Global ferrous scrap prices remain mostly stable w-o-w; South Asian demand muted

• South Asia demand cautious during year-end holidays
  
  
• US prices stable; SMI acquires Allmetal Recycling
  
  

Global ferrous scrap prices remained mostly stable w-o-w across major markets. South Asia saw cautious demand during holidays, while the Turkish and US markets are firm due to tight supply. Ukraine and Russia maintain export controls.

Turkiye: Turkiye's deep-sea imported scrap market remained stable and firm throughout the week, supported by tight seasonal supply and steady seller offers. European HMS 80:20 was offered at $363-366/t CFR, while US-origin HMS was at $370-375/t CFR.

Holiday slowdowns and muted trading kept activity limited, as buyers cautiously awaited clearer downstream demand signals. Seasonal tightness and firm recycler prices led to price stability despite subdued trades.

India: India's imported scrap market stayed firm but cautious. European shredded was offered at $350-355/t CFR, UK HMS 80:20 at $325-330/t, and PNS at $355-360/t CFR Chennai, However bids were $5-10/t lower. Buying remained limited due to year-end holidays and cautious approach adopted by mills.

Improved steel market sentiments encouraged buyers to exit the wait-and-watch mode and actively pursue mid-level offers.

Approximately 4,000-5,000 t of imported scrap arrived in India, including 1,500-2,000 t HMS 80:20, with additional turning/boring, PNS, blue steel, HMS 60:40, and other HMS grades.

Pakistan: Pakistan's imported scrap market stayed subdued during the week, pressured by low mill utilisation of around 40%, year-end slowdowns, and currency and payment constraints. UK- and UAE-origin shredded scrap was reported at $365-370/t CFR Qasim. Trading volumes remained thin at 4,000-5,000 t, with sentiment mildly positive but direct mill buying limited.

Bangladesh: Bangladesh's imported scrap market stayed sluggish w-o-w on weak steel demand. Australian shredded was at $360-362/t CFR, PNS at $360-370/t, while HMS and shredded ranged $350-365/t CFR.

Domestic scrap prices eased to BDT 47,000-48,000/t ($384-393/t, while Dhaka rebar held near BDT 75,000/t ($613/t). Stable prices and cautious furnace operations continued to limit aggressive import bookings.

Japan: Japan's H2 scrap was at JPY 44,300/t ($279/t) FOB Tokyo Bay, up JPY 700/t w-o-w. In Vietnam, H2 offers increased to $335-340/t CFR, with bids improving to $320-325/t CFR, though mill buying remained cautious due to adequate inventories and limited year-end restocking.

US: US ferrous scrap prices remained largely stable during the year-end slowdown, with limited bookings from Turkiye and other major buyers during the holidays. Scrap Management Industries (SMI) acquired Allmetal Recycling, expanding its Midwest footprint and significantly boosting shredding capacity.

UAE: UAE scrap prices edged up slightly in late December despite muted year-end trade, with the index rising AED 20/t ($5/t) w-o-w to AED 1,150/t ($313/t) for processed HMS. Domestic trading stayed thin, while limited demand from Pakistan and Turkiye supported offers. Near-term sentiment remains cautious after ESA rolled over January rebar prices.

Ukraine: Ukraine will extend its zero-quota ferrous scrap export regime until end-2026 to prioritise domestic steelmakers, support jobs and tax revenues, cut emissions, and secure scrap supply for defence and post-war reconstruction.

Russia: Russia has approved a new tariff quota system for ferrous scrap exports to non-EAEU countries, effective 1 January-31 December 2026. Exports will be capped at 2.2 mnt, split evenly between H1 and H2, with licensing and higher duties beyond the quota. Despite a larger cap, strict controls are expected to keep export growth limited and the global supply impact modest.