Weekly round-up: Global scrap prices show mixed trends amid cautious trading activity

• Buyers' resistance to higher offers pulls down Turkish prices
  
  
• Offers to India, Bangladesh remain firm amid limited supply
  
  

Global ferrous scrap markets showed mixed trends this week, with prices easing in Turkiye, the US and Pakistan amid cautious buying and weak steel demand, while India, Bangladesh, Japan and the UAE saw firmer sentiment.

In India, tighter overseas supply and rupee depreciation increased landed costs, supporting higher offers. Japan's strong tender boosted export confidence, and UAE gains were driven by pre-Ramadan demand, keeping overall trade selective and regionally varied.

Turkiye: Deep-sea imported scrap prices in Turkiye declined slightly w-o-w amid muted trading and weak downstream steel demand. US-origin HMS 80:20 softened to around $375-376/t CFR, while EU-origin material was heard at $368-371/t CFR, with a booking heard near $369/t CFR.

Despite weather-related supply tightness in the US and limited EU availability, mills remained cautious due to weak rebar sales and compressed margins. Buyers' resistance to higher offers and thin deal flow kept the market subdued, with sentiment slightly softer.

India: Imported scrap prices edged higher amid tightening overseas supply and firm offers from key origins, further supported by rupee depreciation, which increased landed costs. Containerised HMS 80:20 trades were reported at $339-350/t CFR across Nhava Sheva, Chennai, and Mundra, with workable levels trending upward.

UK-origin shredded increased to $370-375/t CFR, with bids trailing offers by around $5-10/t. Middle East-origin shredded firmed further to $378-380/t CFR amid tighter domestic availability, while PNS (blue steel and super grades) was quoted at $380-385/t CFR Mundra. A Middle East-origin HMS 80:20 cargo was booked at $370/t CFR, and a deal for Brazilian LMS was concluded at $330/t CFR.

In the past seven days, India imported around 5,000 t of ferrous scrap, including 1,000-1,500 t of HMS 80:20 from the Middle East at $370/t CFR Mundra and 1,500 t of HMS 60:40 from Costa Rica, along with LMS, GI bundles, and car bales from Brazil, the EU, Australia and New Zealand.

Pakistan: Imported shredded scrap prices in Pakistan edged lower w-o-w, as initial pre-Ramadan buying interest faded and buyers turned cautious. UK shredded slipped to around $380-383/t CFR Port Qasim, while UAE-origin shredded eased to near $395-398/t CFR. UAE HMS 80:20 was heard closer to $370-373/t CFR, with sheared HMS around $368-372/t CFR.

Bookings were heard earlier in the week, but activity slowed towards the weekend as mills reassessed positions. Modest capacity utilisation and the approaching Ramadan period further softened sentiment, with downside risks emerging.

Bangladesh: Imported ferrous scrap prices in Bangladesh edged slightly higher w-o-w, supported by tightening domestic availability and firm overseas offers, though activity remained slow ahead of elections. UK/EU shredded was heard around $370/t CFR Chattogram, while HMS moved near $350-355/t.

Australian/Oceania offers held firm to slightly higher, with HMS 80:20 at $350-360/t and shredded at $375-380/t CFR. Buying remained cautious and largely need-based, limiting fresh bulk bookings.

Japan: Japan's scrap export prices increased w-o-w. BigMint assessed H2 at JPY 45,550/t ($294/t) FOB Tokyo Bay, up JPY 700/t w-o-w. The February Kanto tender surged to a near three-year high of JPY 48,167/t, with a 20,000-t cargo awarded to Bangladesh, reinforcing bullish sentiment.

US: Deep-sea scrap prices edged lower by $4/t w-o-w, with HMS 80:20 at $375-376/t CFR and FOB East Coast HMS at $345/t. Shredded was assessed at $365/t FOB. Offers at $378-380/t CFR faced buyer resistance, limiting deals. Domestic steelmakers raised bids amid weather-driven supply disruptions across east US, but prices fell, as overseas buyers resisted higher offers.

UAE: UAE scrap prices increased by AED 63/t w-o-w, supported by strong Pakistani demand ahead of Ramadan. HMS 80:20 was heard at AED 1,220-1,230/t ($330-335/t), while shredded traded at AED 1,290-1,300/t ($350-355/t). Export offers firmed up, though spot liquidity remained limited.