- Turkish scrap prices up, US recyclers raise prices
- Pakistan’s restocking rises ahead of Ramadan
Global ferrous scrap offers witnessed moderate gains, with Turkiye’s HMS (80:20)-US, CFR rising 2% w-o-w to $360/t amid firm supplier pricing. Pakistan and Bangladesh saw a 1-2% price increase, though demand remained sluggish. India’s import interest stayed low due to cost concerns. Japan’s H2 prices softened, while US scrap offers climbed on deep-sea demand and rising domestic costs.
Turkiye: Turkiye’s imported scrap market saw a 2% w-o-w increase, with HMS (80:20)-US, CFR rising to $360/t from $354/t. Mills slowed restocking as recyclers held firm on offers, while weak rebar demand kept buyers cautious. Despite this, US recyclers remained bullish, supported by strong domestic markets and new tariffs on steel and aluminum imports.
A key US-origin deal pushed prices higher, prompting Baltic-origin sellers to raise offers. European recyclers were more flexible, offering HMS in the $350-358/t CFR range.
Mills resisted further hikes, but suppliers held firm on pricing. Rebar prices edged up to $565/t FOB, though sluggish demand limited buying interest. Market participants closely watched US tariff developments, with some traders expecting scrap prices to stabilize.
India: India’s imported scrap market saw a slight price increase, but buying interest remained weak due to sluggish finished steel sales and a depreciating INR against the USD. UK-origin shredded scrap rose 2% w-o-w to $380/t CFR from $373/t, yet buyers stayed hesitant amid higher import costs and competitive domestic alternatives.
Despite the price uptick, momentum remained low as the bid-offer gap persisted. Approximately 7,000-8,000 t of scrap were booked, including 2,000-3,000 t of HMS (80:20) from South America and West Africa at $345-362/t, 1,000-1,500 t of shredded scrap from South America at $370/t, 500 t of LMS Bales from Singapore at $310/t, 500 t of Turning Boring from Malaysia at $320/t, 250 t of HMS-LMS Bundle mix from Yemen at $340/t, 1,000 t of PNS from Kuwait at $370/t, and 1,000 t of NTP from the EU at $365/t.
Pakistan: Pakistan’s imported scrap market saw higher procurement this week than India, with some buyers restocking ahead of Ramadan. However, overall sentiment remained cautious due to price volatility and liquidity concerns. Shredded-UK, CFR Pakistan rose 2% w-o-w to $388/t from $380/t. Liquidity constraints and sluggish rebar sales kept market activity moderate, while price-sensitive mills limited large-scale purchases despite ongoing restocking.
Despite stable local scrap and rebar prices PKR 140,000-145,000/t and PKR 245,000-255,000/t, respectively mills operated at varying capacities, with some running at reduced levels due to weak domestic steel demand. UK/Europe-origin shredded was offered at $385-390/t CFR Qasim, while UAE-origin shredded stood higher at $395/t CFR.
Bangladesh: Bangladesh’s imported scrap market remained sluggish despite a 1% w-o-w price increase, with Shredded-UK, CFR Bangladesh rising to $388/t as weak steel demand, slow construction activity, and a lack of new government projects kept mills cautious, Despite local scrap shortages, buyers refrained from large bookings, closely monitoring global price trends.
Some mills showed interest emerged in Japanese, Malaysian, and Singapore-origin scrap, but overall buying remained slow. LC challenges persisted, though slightly improved, allowing for selective restocking. Australian shredded stood at $370-375/t CFR, while US shredded was at $365-370/t CFR.
While a few mills restocked ahead of Ramadan, overall sentiment stayed weak. Domestic scrap and shipbreaking materials remained the preferred choices, keeping bulk imports subdued.
Japan: H2 scrap export prices softened as buyers stayed cautious after the Kanto tender drop. Offers remained limited, with suppliers holding out for higher values. Prices dipped JPY 200/t ($1.3/t) to JPY 41,400/t ($271/t) FOB Tokyo Bay. The Kanto tender saw bids fall $10/t, with a 15,000-t lot awarded at JPY 43,200/t ($281/t) FAS.
Vietnam: Vietnam’s imported scrap market remained quiet due to a bid-offer gap and sluggish demand. The February Kanto price had little impact, with H2 offers at $315-320/t CFR and bids at $310/t CFR.
Domestic scrap prices rose on tight supply and VAT concerns, leading some mills to increase purchase tags. Deep-sea scrap edged higher, with US-origin at $360/t CFR and Australian at $355/t CFR, though buying interest remained weak as mills monitored price trends.
South Korea: South Korea’s steel scrap prices rose as major mills, including Hwanyang Steel and Daehan Steel, increased purchase prices by KRW 10,000-15,000/t ($7-$10/t) from 11 February amid tightening supply. Despite weak demand, mills raised prices to secure supply, but further hikes may depend on easing expectations or signs of a price decline, as most brokerage stocks have already entered the market.
US: US ferrous scrap export offers rose $4/t w-o-w, reaching November 2024 levels amid stronger deep-sea demand and rising steel prices. Domestic traders targeted $40/t+ hikes for shredded, driven by higher feed costs from winter storms.
Article From bigmint
