Weekly round-up: Global scrap markets remain mixed, Turkish prices hold firm

• Bid-offer gaps, limited supply weigh on trading in India
  
  
• Limited availability, active buying lift US export prices
  
  

Global ferrous scrap markets showed mixed trends in the week ending 25 April, with firm pricing in the US and Turkiye, while India, Pakistan, and Bangladesh remained subdued amid weak demand, currency pressure, and high freights.

Turkiye: The deep-sea scrap market showed a slight upward bias early in the week, with US-origin HMS 80:20 tradable levels improving to around $401-406/t CFR, supported by renewed mill bookings for May shipments and firm freights tightening seller positions. Multiple deals across regions kept prices supported within a narrow range, reflecting steady supply-side strength.

Sentiment remained cautious as weak rebar demand limited mills ability to absorb higher scrap costs. With softer rebar prices and offers near $410/t CFR, buying stayed selective, keeping the market range-bound around $402-406/t CFR with muted activity.

India: The imported scrap market remained subdued to stable throughout the week, with sentiment largely weak amid a persistent bid-offer gap. Mills maintained bids for HMS 80:20 in the $375-380/t range, while offers across origins stayed higher, resulting in minimal deal conversions. Supply from traditional regions such as the US, UK, and EU remained limited, while active flows from Brazil, Africa, and Oceania struggled to gain traction, with stronger demand from Bangladesh further diverting cargoes away from India.

Despite multiple offers, buying remained cautious with limited deals at lower levels, indicating softening prices. Offers for shredded, HMS, and PNS stayed above workable ranges, while LMS and HMS deals showed gradual correction, with a weaker rupee further pressuring import viability.

In the last seven days, around 8,600-9,000 t of imported scrap was booked for India, reflecting weak activity. This included 1,500-2,000 t of HMS 80:20 at $380-390/t CFR, 2,000-3,000 t of shredded, and 1,700-2,000 t of LMS bundles, with the balance comprising HMS 1, bluesteel, and MS turnings.

Pakistan: The imported scrap market remained soft to stable throughout the week, with cautious buying keeping activity subdued. UK/EU-origin shredded hovered around $420-425/t CFR Port Qasim, with a few deals heard between $410-424/t, indicating slight downward pressure within a narrow range.

Despite some deals, buying remained limited amid weak domestic fundamentals, with billet and scrap prices under pressure, while activity slowed further as buyers stayed inactive despite steady offers.

Bangladesh: The imported scrap market remained stable, with Australia-origin HMS 80:20 deals at $390-400/t CFR Chattogram, supported by relatively better buying than India. However, bids for HMS ($380/t) and shredded ($405/t) lagged offers by $10-15/t, while PNS stayed elevated at $430-445/t, limiting activity. Sentiment stayed subdued as cheaper domestic scrap and a $200/container freight rise increased landed costs, keeping buyers cautious.

Japan: H2 scrap export prices were assessed at around JPY 53,700/t ($337/t) FOB Tokyo Bay. Prices rose amid new deals and stronger offers following Tokyo Steel's price increase.

Additionally, Japan approved a Circular Economy Action Plan to boost critical minerals and recycled metals, targeting a 2-mnt rise in high-grade scrap by 2030 for GX steel production. The plan focuses on quality upgrades, tech adoption, curbing exports, and strengthening domestic recycling through a JPY 1 trillion framework.

US: Ferrous scrap export activity strengthened in mid-April, with multiple deep-sea cargoes concluded at higher levels amid tight supply and elevated freight costs. Prices edged up w-o-w, with shredded at $395/t FOB and HMS at $375/t, while HMS 80:20 to Turkiye was heard around $406/t CFR, reflecting firm seller sentiment despite weak downstream demand.

Germany: Nordic steelmaker SSAB has partnered with German building materials producer Heidelberg Materials to develop EAF slag as a cement substitute, supported by SEK 20 million from the Swedish government, advancing circularity and new construction applications.

European: European ferrous scrap exports rose 5.8% y-o-y to 22.5 mnt in CY'25, driven by a 2.5% decline in crude steel output and weaker domestic demand. This follows a low base in CY'24, when exports dropped amid weak global demand, high freight costs, and reduced shipments to India.

UAE: Domestic scrap prices rose by AED 10/t w-o-w to AED 1,038-1,040/t ($283/t) for HMS, supported by tightening supply due to geopolitical disruptions, logistical constraints at Jebel Ali Port, and limited billet inflows.