- Dull steel demand keeps inquiries slow
- Turkish mills limit buying ahead of Eid
South Asia’s imported scrap market remained quiet amid sluggish trade and the upcoming Eid holidays. Mills across India, Pakistan, and Bangladesh held back on fresh bookings, while limited offers and softened buyer interest kept activity muted.
Market overview
India: The imported scrap market in India remained under pressure amid sluggish trade activity, with buyers hesitant to book material amid ongoing uncertainty. Limited transactions were heard, as most buyers remained silent, awaiting clearer market direction.
However, a recent rise in freights could support scrap offers by major suppliers. Indicative offers for EU shredded were seen at $370-375/t CFR (bids at $362-364/t), EU HMS 80:20 at $350-355/t CFR (bids at $340-344/t), and busheling from Germany/UK at above $385/t CFR Nhava Sheva/Mundra.
Additionally, a new bulk vessel carrying 35,000 t of ferrous scrap arrived at Kandla Port, comprising 17,500 t each of shredded and HMS. The cargo was booked by a major West Indian mill, marking a key arrival amid steady bulk activity.
Pakistan: The imported scrap market remained subdued today, with limited trading activity ahead of the Eid al-Adha holidays. With mills closing for the holidays, some offers were recently heard in Pakistan at extremely low values of $372-373/t CFR Qasim, as sellers looked to offload material and fulfil stock requirements.
Some of the panic offers from the UK/EU were reported within $375-378/t CFR.
Market activity is expected to gradually pick up after the Eid break.
Bangladesh: The imported scrap market remained quiet, with no bulk inquiries noted for June so far. Buyers’ ideal levels for containerised shredded softened to $370-374/t amid limited demand.
The last heard offer for PNS from Singapore and Hong Kong was at $385/t, with counter bids at around $376-378/t. Meanwhile, Australian shredded and HMS materials were acceptable to buyers at $370/t and $350/t, respectively.
Some market participants expect a slight improvement after Eid, though political uncertainties may pose short-term disruptions.
Turkiye: Imported ferrous scrap activity in Turkiye remained subdued d-o-d, as mills stayed away from fresh bookings ahead of the Eid al-Adha holidays. A trader noted that demand from mills is “almost zero” as the market prepares for the extended break, which typically slows steel trading.
While recyclers from the US held firm on offers heard between $340-350/t CFR for HMS 80:20, market participants stayed on the sidelines, awaiting clarity on near-term price trends. The upcoming implementation of a 50% US tariff on steel and aluminium imports added further uncertainty.
Domestic market activity was low due to the holiday, but demand is expected to return soon.
Price assessments
India: UK-origin shredded indicatives were assessed at $361/t CFR Nhava Sheva, up by $1/t d-o-d.
Pakistan: UK-origin shredded indicatives stood at $376/t CFR Qasim, down by $4/t d-o-d.
Bangladesh: UK-origin shredded prices were assessed at $375/t CFR Chattogram, down by $5/t d-o-d.
Turkiye: US-origin HMS (80:20) bulk scrap prices were assessed at $340/t CFR Turkiye, down by $2/t d-o-d.
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