- Indian buyers turn wary amid weak steel demand
- Turkish mills restock despite softer rebar prices
South Asia’s imported ferrous scrap market was largely subdued, as buyers across India, Pakistan, and Bangladesh grappled with weak domestic demand, high inventories, and unworkable prices. While Indian buyers preferred domestic scrap, Pakistani and Bangladeshi mills showed limited interest in fresh bookings ahead of Ramadan.
Prices of UK-origin shredded edged down by $1/tonne (t) d-o-d in India and $6/t in Pakistan, while they were stable in Bangladesh.
In contrast, Turkiye’s market saw a slight rebound, with mills restocking for March-April shipments despite pressure from declining rebar prices. Uncertainty over global price movements and regional economic factors weighed on sentiment, keeping overall trade volumes muted. Meanwhile, prices of US-origin HMS (80:20) edged up by $2/t d-o-d.
Overview
India: India’s imported scrap market remained subdued, as weak steel demand, bid-offer mismatches, and abundant domestic scrap supply kept buyers away. Despite some offers in the market, buyers found local scrap more viable, and mills maintained steady production. Buyers showed hesitation in booking new cargoes, citing rupee depreciation and unworkable prices.
Sellers remained firm, unwilling to reduce offers further, while buyers pushed for discounts. With market participants relying on domestic supplies, imported scrap trades saw minimal movement, and sentiment remained bearish. No major recovery is expected unless local demand improves or global prices stabilise.
Shredded offers from the UK/Europe were heard at $375-380/t CFR Nhava Sheva, while HMS (80:20) were heard at $345-350/t CFR.
Pakistan: Imported scrap demand in Pakistan remained sluggish due to a slowdown in the domestic steel market and limited activity ahead of Ramadan. Shredded offers from the UK/Europe stood at $385-390/t CFR Qasim, while bids ranged within $378-382/t CFR.
Bangladesh: Bangladeshi buyers remained hesitant towards imported scrap due to a sluggish domestic steel market and sufficient mill inventories. This led to slower bookings ahead of Ramadan. Japanese bulk Shindachi offers were heard at $385-390/t CFR, but bids stood at $375/t CFR Chattogram. PNS from Hong Kong was offered at $385-390/t CFR, while material from Singapore and Malaysia hovered at around $390/t CFR. Meanwhile, HMS (80:20) from Brazil was heard at $365/t CFR, reflecting cautious buying sentiment.
Turkiye: The Turkish imported ferrous scrap market saw a slight recovery, with prices inching up, as mills continued restocking for March-April shipments. US-origin bulk HMS (80:20) was at $359/t CFR, up $2/t d-o-d. Deals were confirmed from EU, Baltic, and US origins, with prices ranging at $355-359.50/t CFR.
However, US-origin supply remained limited, with only one recycler offering material. Despite the restocking momentum, softer domestic and export rebar prices pressured the market, with Kardemir slashing rebar prices by $20/t, reflecting cautious sentiment amid the upcoming EU anti-dumping measures expected on 1 April.
Price assessments
India: UK-origin shredded indicatives edged down by $1/t d-o-d to $373/t CFR Nhava Sheva.
Pakistan: UK-origin shredded indicatives decreased by $6/t d-o-d to $380/t CFR Qasim.
Bangladesh: UK-origin shredded was assessed stable d-o-d at $384/t CFR Chattogram.
Turkiye: US-origin HMS (80:20) bulk scrap prices were assessed at $359/t CFR Turkiye, up by $2/t d-o-d.
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