- South Asian buyers cautious; market in wait-and-watch mode
- Turkiye mills cautious despite slight uptick in scrap prices
South Asian and Turkish imported scrap markets have settled into a cautious lull, as mills and traders alike brace for potential price shifts amid tepid steel demand and abundant inventories. In India, muted activity reflects buyers’ reluctance to book ahead of anticipated corrections, while Pakistan’s market remains in a holding pattern with sentiment weighed down by regional uncertainties. Bangladeshi participants are similarly on edge, awaiting clearer signals before committing to new volumes despite improved logistical flows. In Turkiye, post-IREPAS conference talk suggests the market may have bottomed out. Yet, sellers are still probing for lower levels and buyers refuse to blink first. Across the region, the watch-and-wait mindset prevails.
Market overview
India: India’s imported scrap market remained muted, with limited buying interest amid cautious sentiments and expectations of further price corrections. UK-origin shredded was offered at $370/t CFR Nhava Sheva, but bids lingered at around $365/t, while UK HMS 80:20 was heard at $345-350/t CFR. Offers for South African HMS stood at $350/t.
Pakistan: This country’s imported scrap market remained slow as buyer sentiment was weak amid falling domestic steel prices and ongoing regional uncertainty. UK/EU-origin shredded scrap was offered at $370-375/t CFR Port Qasim, but bids stayed lower at $364-366/t, creating a stand-off.
UAE-origin material remained out of reach at $385-390/t CFR. Mills continued to operate at reduced capacity, while domestic billet and rebar prices trended downward, further dampening demand.
Bangladesh: The imported scrap market here remained dull today, with buyers hesitant amid weak steel demand and high inventories. Offers for Australian-origin shredded scrap stood at $380/t CFR Chattogram, while bids remained lower at around $375-376/t, keeping trade stalled.
Despite some vessel arrivals and easing port congestion, mills refrained from fresh bookings, anticipating price corrections and monitoring Turkish market cues. Liquidity issues and limited construction activity continued to weigh on sentiment. With no major deals heard, the market remained in a wait-and-watch mode, reflecting the broader regional slowdown in scrap demand.
Turkiye: The Turkish imported scrap market stayed quiet, with prices of premium HMS 80:20 inching up to $330/t CFR.
Both buyers and sellers remained cautious, awaiting clearer signals from the next confirmed deal. Sentiments, influenced by discussions at the recent IREPAS conference, suggested that the market may have bottomed, yet mills continued to push for lower prices. Seller targets ranged from $330/t CFR for EU-origin to $335-340/t CFR for US-origin scrap, though actual trade activity remained scarce.
Despite this, sellers continue to probe for lower levels, while buyers remain steadfast, unwilling to make the first move. As a result, a wait-and-watch mindset dominates.
A rumoured Russia-origin deal remained undisclosed, expected in the range of $325-328/t, and a tight scrap supply added to the overall uncertainty.
Price assessments
India: UK-origin shredded indicatives were assessed at $369/t CFR Nhava Sheva, inching down by $1/t d-o-d.
Pakistan: UK-origin shredded indicatives stood at $368/t CFR Qasim, down by $1/t.
Bangladesh: UK-origin shredded prices edged up d-o-d by $1/t to $379/t CFR Chattogram.
Turkiye: US-origin HMS (80:20) bulk scrap prices were slightly up by $2/t d-o-d to $330/t CFR Turkiye.
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