- Indian buyers cautious at higher offers
- Turkish scrap prices rise, but mills remain hesitant
South Asia’s imported scrap markets remained cautious, with buyers resisting higher offers amid liquidity concerns and slow steel demand. In India, improved finished steel sales failed to boost scrap buying, as bids lagged behind firm offers, keeping suppliers focused on Pakistan. Pakistan’s market saw limited movement, with rising offers and local scrap shortages tightening the scrap-to-rebar spread.
In Bangladesh, sluggish demand and Ramadan-driven inactivity kept negotiations tough, with buyers preferring nearshore suppliers over UK/Europe-origin material.
Meanwhile, in Turkiye, political unrest slowed finished steel sales, though scrap prices inched up as mills sought cargoes for April.
UK-shredded scrap offers rose by $2/t in India, while $3/t in Bangladesh and $$4/t in Pakistan. US bulk HMS 80:20 offers to Turkiye edged up by $2/t d-o-d.
Overview
India: India’s imported scrap market remained in a deadlock as bids inched up but failed to match firm offers. Improved finished steel demand supported sentiment, yet buyers resisted higher prices. Bids for UK/Europe shredded were at $385-388/t CFR, while there was no active seller at this price point due to unviability; instead suppliers were more keen to ship shredded to Pakistan at $405-410/t CFR.
HMS 80:20 offers stood at $360-365/t CFR, but buyers sought $350-355/t. Domestic buyers monitored the impact of safeguard duties, while sponge iron availability kept scrap demand in check. The market stayed cautious, awaiting clearer price direction.
Pakistan: Pakistan’s imported scrap market saw limited movement as buyers remained cautious amid rising offers and liquidity concerns. UK-origin shredded was booked at $392/t CFR Qasim for 1,000 t, with fresh offers climbing to $395-400/t CFR. UAE-origin shredded hovered around $400/t CFR but saw little interest. Local scrap shortages pushed domestic prices to PKR 145,000-147,000/t exw, yet weak demand kept overall sentiment subdued. The scrap-to-rebar spread narrowed below PKR 93,000-95,000/t, with rebar at PKR 238,000-240,000/t exw and billets at PKR 208,000-210,000/t exw. Mills operated at reduced capacity ahead of Eid, further limiting buying interest, while currency volatility and freight costs added to the market’s uncertainty.
Bangladesh: Bangladesh’s imported scrap market remained sluggish, with buyers resisting high offers and maintaining a price gap of $5-7/t. Some deals were concluded, but market participants found the negotiations tough. Japanese rebar bundles were priced at $388/t CFR, while Australian shredded was offered at $390/t CFR, with buyers bidding around $380/t. Australian HMS 80:20 stood at $371-372/t CFR, but buyers sought $364-365/t.
Demand for UK/Europe-origin scrap remained weak, with buyers preferring nearshore suppliers like Australia and Hong Kong. Market activity is expected to improve post-Ramadan as mills gradually return to normal operations.
Turkiye: Turkish imported scrap prices inched up amid political unrest, which slowed finished steel sales and kept buyers cautious. US-origin bulk HMS 80:20 was assessed at $383/t CFR, up $2/t, with US-origin HMS 85:15 booked at $385/t CFR and shredded at $402.50/t CFR. EU-origin HMS 80:20 was indicated at $375-380/t CFR, while US/Baltic-origin offers hovered at $380-382.50/t CFR.
Despite mills needing 10-15 cargoes for April, political uncertainty dampened immediate demand. Sellers held firm, with US offers at $382-383/t CFR. Meanwhile, domestic scrap prices rose due to Lira depreciation, though mills resisted higher European scrap prices. The market remained cautious, awaiting clearer direction.
Price assessments
India: UK-origin shredded indicatives were assessed at $387/t CFR Nhava Sheva, up by $2/t d-o-d.
Pakistan: UK-origin shredded indicatives stood at $393/t CFR Qasim, up by $4/t d-o-d.
Bangladesh: UK-origin shredded indicatives remained rose by $3/t d-o-d to $393/t CFR Chattogram.
Turkiye: US-origin HMS (80:20) bulk scrap prices were assessed at $383/t CFR Turkiye, up by $2/t d-o-d.
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