- Indian buyers wait for price drops, clearer cues
- Weak finished demand prompts caution in Turkiye
The South Asian imported scrap market remained largely subdued, weighed down by a combination of festive holidays, weak steel demand, and seasonal factors such as the monsoon in India.
Trading activity across India, Pakistan, and Bangladesh was limited, with buyers adopting a cautious approach amid falling steel prices and abundant domestic inventories. Eid-related holidays further slowed momentum in Pakistan and Bangladesh, while Indian buyers preferred sourcing from domestic markets.
Additionally, in Turkiye, scrap market activity also remained quiet due to holiday closures and soft downstream demand.
Overall, sentiment across the region stayed muted, with most participants awaiting clearer cues before resuming active trade.
Market overview
India: India’s imported scrap market remained sluggish, as weak steel prices, monsoon disruptions, and cheaper domestic alternatives kept buyers on the sidelines. Containerised shredded offers slipped to $360-365/t CFR Nhava Sheva, with tradable levels closer to $355-360/t. HMS 80:20 was offered at $340-345/t CFR, but bids stayed lower at $335-340/t.
West African HMS was offered at $345-350/t CFR depending on loading, but response was muted. Overall, confirmed bookings were scarce, with most traders waiting for further corrections or clearer market cues following the monsoon.
Pakistan: Pakistan’s imported scrap market showed limited activity due to ongoing Eid holidays, with containerised shredded heard at $370-375/t CFR Port Qasim. While shredded prices held firmer than in India, overall trading volumes were low, as most mills stayed inactive, and only a few operated minimally. Some shipments avoided the newly imposed import surcharge, supporting select deals.
On the domestic front, scrap traded at PKR 135,000-140,000/t ($485-505/t), billets at PKR 195,000-200,000/t ($700-720/t), and rebars at PKR 235,000-240,000/t ($845-865/t). With high inventories and low demand, buyers remained cautious, and significant activity is expected to return only after the Eid break.
Bangladesh: Bangladesh’s imported scrap market stayed muted as buyers remained on the sidelines in observance of Eid, leading to a holiday-driven slowdown. The most recent offers for Australian-origin shredded were heard at $375-380/t CFR Chattogram, while HMS 80:20 was quoted at $355-360/t CFR. Market activity remained virtually absent with no fresh bookings heard.
Turkiye: The Turkish imported scrap market remained largely subdued as trading activity was limited due to the Eid al-Adha holidays. US-origin HMS 80:20 at $340/t CFR, unchanged from the previous day. Mills were slow to return to the market, and some large buyers were counterbidding at $330-335/t, indicating limited buying appetite.
Sellers refrained from active offers, citing weak finished steel demand and uncertain outlook. With recyclers holding firm on price expectations and no significant shift in fundamentals, the market tone stayed cautious. Any level above $340/t would come as a surprise, reflecting restrained optimism for immediate deals.
Price assessments
India: UK-origin shredded indicatives were assessed stable d-o-d at $365/t CFR Nhava Sheva.
Pakistan: UK-origin shredded indicatives stood at $371/t CFR Qasim, down by $1/t d-o-d.
Bangladesh: UK-origin shredded prices were assessed unchanged d-o-d at $375/t CFR Chattogram.
Turkiye: US-origin HMS (80:20) bulk scrap prices were assessed at $340/t CFR Turkiye, unchanged d-o-d.
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