- Pakistan, Bangladesh still slow amid Ramadan
- Turkiye holds firm despite economic concerns
South Asia’s imported scrap market displayed mixed trends across key regions, with varying demand drivers and price movements.
India’s appetite for imported scrap improved in the western region, supported by stronger finished steel sales, though buyers remained selective. In Pakistan, market activity slowed ahead of Eid, with liquidity constraints and weak steel demand limiting transactions. Bangladesh also continued to see sluggish demand amid Ramadan, with buyers favouring nearshore suppliers over high-priced UK/Europe cargo.
Additionally, Turkiye’s scrap market held steady despite political uncertainties and currency depreciation, as deep-sea suppliers maintained firm offers. With global scrap prices on the rise, market participants remained cautious, closely watching post-holiday demand recovery.
Meanwhile, prices of UK-origin shredded remained stable d-o-d across South Asia. In Turkiye, US-origin HMS (80:20) bulk scrap prices were assessed unchanged d-o-d.
Overview
India: India’s imported scrap demand has picked up in the last 2-3 days, particularly in the western region, supported by improved finished steel sales. Buyers continued to favour short-transit cargo while showing resistance to long-transit shipments. Australian suppliers remained cautious due to rising global offers and high freight costs, while cheaper domestic alternatives such as sponge iron kept overall interest in imported scrap limited.
Shredded from the UK/Europe was offered at $385-390/t CFR Nhava Sheva, with bids varying within $375-385/t. Some deals were confirmed at $385/t CFR. UK/Europe-origin HMS 80:20 offers stood at $355-360/t CFR, while buyers showed interest at around $350/t CFR. PNS scrap ranged within $375-380/t CFR, while busheling scrap stood at $380-385/t, depending on origin.
Pakistan: With Eid approaching next week, Pakistan’s imported scrap market remained sluggish, as buyers adopted a cautious stance. Industrial activity slowed further, and mills ran at reduced capacity, which kept demand subdued. UK/EU-origin shredded was offered at $390-395/t CFR Qasim, but buyers showed resistance beyond $385/t. UAE-origin shredded stood at $395-400/t CFR, though bids remained scarce. Liquidity constraints, weak steel demand, and ample local scrap availability continued to weigh on sentiment, limiting fresh transactions.
Bangladesh: Bangladesh’s imported scrap market remained subdued, as Ramadan-driven sluggishness persisted, with buyers resisting high offers. Interest in UK/Europe-origin material was limited, with preference shifting towards nearshore suppliers such as Australia, Hong Kong, and Singapore. Australian shredded was offered at $375-380/t CFR Chattogram, while HMS 90:10 stood at $362-365/t CFR. Meanwhile, Bangladesh showed strong demand for Japanese high-grade scrap, with Shindachi deals heard at $392-395/t CFR. Market sentiment is expected to improve post-Ramadan, with rising global offers influencing Bangladesh buying strategies.
Turkiye: Turkiye’s imported scrap market remained stable, with prices holding firm despite ongoing political uncertainty and a depreciating lira. Deep-sea suppliers from the US and Baltic regions maintained offers at $388-390/t CFR, while EU-origin HMS 80:20 was heard at $380/t CFR, with some trades rumoured at $375/t CFR.
Buyers remained cautious amid Turkiye’s central bank raising interest rates from 44% to 46% to combat inflation, though there was anticipation regarding a post-holiday demand recovery. Additionally, a wide bid-offer spread persisted in the rebar market, with mills offering at $580-590/t FOB but buyers hesitant beyond $570/t FOB. With financing pressures pushing some EU suppliers to sell at lower levels, market sentiment remained mixed, though there were expectations of near-term stability.
Price assessments
India: UK-origin shredded indicatives were assessed at $385/t CFR Nhava Sheva, unchanged d-o-d.
Pakistan: UK-origin shredded indicatives stood at $388/t CFR Qasim, stable compared to the previous day.
Bangladesh: UK-origin shredded indicatives remained unchanged d-o-d at $390/t CFR Chattogram.
Turkiye: US-origin HMS (80:20) bulk scrap prices were assessed at $381/t CFR Turkiye, unchanged compared to the previous day.
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