Global imports of scrap steel saw a slight rebound, while costs in Turkey rose and pressure on India intensified.

As of the week ending January 30, the global market for imported ferrous scrap remained cautious yet moderately strong, with tight supply and currency fluctuations providing support to sellers. Regional performance showed divergence: Turkey saw prices strengthen driven by rising costs, while India, Pakistan, and Bangladesh continued to adopt a selective procurement approach. Japan’s export sentiment softened slightly, whereas the U.S. remained firm, benefiting from supply tightness exacerbated by weather conditions. Notably, the Indian rupee hit an all-time low, putting downward pressure on market sentiment; although Japan faces tight scrap recovery, its export sentiment has nonetheless softened somewhat.
 

　　Turkey: This week, the deep-sea scrap steel market remained cautious yet saw a slight uptick, with cost factors serving as the primary support rather than demand. Severe cold weather in the eastern U.S. has hampered scrap steel recycling, tightening supply. Coupled with a stronger euro and rising dry-bulk freight rates, this has pushed sellers’ break-even points higher.
 

　　The indicative price for U.S.-produced HMS 80:20 scrap steel is around USD 380–382 per ton (CFR), while the price for EU-produced scrap steel is approximately USD 375 per ton (CFR). Shipments from the Baltic region are quoted at roughly USD 377–378 per ton (CFR). However, Turkish steel mills generally remain cautious. Weak sales of rebar and narrowing profit margins have dampened their willingness to purchase, and despite sellers’ firm pricing, the market remains in a wait-and-see stance.
 

　　India: This week, the imported scrap steel market continued to weaken. The depreciation of the rupee and sluggish steel sales exerted dual downward pressure. Moreover, the rupee’s exchange rate against the U.S. dollar reached an all-time high, further eroding the cost-effectiveness of imports. The Mundra market performed stronger than Chennai. British/EU-origin HMS 80:20 scrap steel was quoted at around USD 350 per ton (CFR) in Mundra, compared to USD 330–335 per ton (CFR) in Chennai, prompting steelmakers to shift more toward domestic scrap procurement. Crushed scrap steel and high-grade scrap steel showed weak demand, with buyers generally resisting higher prices. Canadian/U.S.-origin crushed scrap steel was quoted at USD 366–368 per ton (CFR Navashewa), while EU-origin HMS 80:20 was quoted at USD 340–345 per ton (CFR)—both receiving only modest bids. Australian scrap steel was quoted at USD 330–334 per ton (CFR) for HMS 80:20 and close to USD 350 per ton (CFR) for crushed scrap steel in Chennai; affected by the weak market conditions in southern India, these offers also faced resistance from buyers. Over the past seven days, India imported approximately 3,000–4,000 tons of ferrous scrap steel, of which about 1,500–2,000 tons were HMS 80:20. Prices ranged from USD 325 to USD 353 per ton (CFR); the remainder consisted of turned boring chips, remeltable scrap steel, and other mixed mechanical scrap.
 

　　Pakistan: The import market for scrap steel has remained firm recently, but overall sentiment this week has been cautious, with limited purchasing activity. Prices have hovered around USD 380 per ton (CFR), with transactions concentrated in the range of USD 378–382 per ton (CFR). Affected by relatively high quotes and unclear signals from regional markets, buyers have adopted a selective approach to procurement. Several steel mills remain inactive for now, continuing to closely monitor market sentiment in India for further guidance. Demand for HMS scrap steel remains relatively strong, with viable prices ranging from USD 365 to USD 375 per ton (CFR), making Pakistan still attractive to certain suppliers. Prices for shredded scrap steel vary considerably: UK/EU-produced scrap is quoted at around USD 380 per ton (CFR), while UAE-produced scrap fetches prices above USD 395 per ton (CFR), and Bahrain-produced scrap is priced close to USD 390 per ton (CFR).
 

　　Bangladesh: This week, the import market for black metal scrap remained largely stable and cautious. Buyers continued to resist high prices, only making purchases within feasible price ranges. Weak sentiment in the domestic market has led to sluggish trading activity, and steel mills, lacking clear signals of demand, are reluctant to raise their quotes further. Trading in container-grade scrap from Oceania remained within established ranges: HMS 80:20 was quoted at USD 345–350 per ton (CFR Chittagong), HMS 90:10 at USD 355–360 per ton (CFR), shredded scrap at USD 365–370 per ton (CFR), and PNS scrap at USD 370–375 per ton (CFR). On the downstream market front, rebar prices stabilized at between 75,000 and 80,000 Bangladeshi Taka per ton (equivalent to USD 611–652 per ton), further reinforcing the market’s wait-and-see attitude.
 

　　Japan: This week, the scrap steel market remained cautious. Despite tight supply, the strengthening of the yen put downward pressure on prices. According to BigMint’s assessment of FOB prices in Tokyo Bay, H2 scrap steel was quoted at 44,800 yen per ton (equivalent to $291 per ton), down 400 yen per ton (or $3 per ton) from the previous week. Export quotes to Vietnam rose to between $330 and $335 per ton (CFR), while buyer offers rebounded to around $325 per ton (CFR). In addition, Tokyo Steel lowered its scrap steel purchase prices twice this week at its Okayama and Kyushu plants, each time by 500 yen per ton. Prices at other plants remained stable, as scrap steel deliveries improved.
 

　　U.S.: Steel scrap prices edged higher this week, supported by tightening supply. The eastern region has been hit by severe cold weather, which has significantly disrupted steel scrap collection efforts. Although spot transactions remain sluggish, seller sentiment has improved somewhat, and the market expects February’s settlement price for shredded scrap to rise further. Source of information: Steel Home.