- Indian market sluggish; mills resist high offers
- Bangladesh shows early signs of steady recovery
South Asia’s imported scrap markets stayed muted amid weak steel demand and buyer resistance. India and Pakistan saw limited activity, while the Bangladeshi market displayed cautious optimism. Turkiye remained steady with firm offers, though mills resisted these amid poor rebar sales.
Market overview
India: India’s imported ferrous scrap market remained sluggish, with bearish sentiment continuing amid weak buying interest. Mills stayed largely inactive, resisting current offers, as they perceived them to be too high.
Indicative offers for HMS 80:20 stood in the $338-342/tonne (t) CFR range, while shredded was heard at around $360-362/t CFR. Firm US-origin shredded offers were lacking, though floating levels indicated rates above $360/t CFR. Buyers remained cautious, with bids generally $5-6/t below quoted levels, keeping overall trade activity muted.
Pakistan: The imported ferrous scrap market remained subdued d-o-d, with limited offers and sluggish trading activity amid ongoing weak sentiment. Indicative offers for EU-origin shredded stood at $370-372/t CFR Qasim, while the UAE-origin variant was heard slightly higher at $376-378/t CFR. However, buyer interest remained thin, as mills continued to refrain from active procurement.
Bangladesh: Market sentiment in Bangladesh remained moderately optimistic, with signs of steady recovery. Most domestic steel mills resumed regular production, indicating improved operational stability across the sector.
A few mills cautiously returned to the global scrap market, procuring small volumes of imported material – reflecting growing confidence and better demand visibility. However, current bulk scrap offers from the US remained unconfirmed, as escalating Middle East tensions and volatile oil prices continued to cloud market direction.
Containerised HMS 80:20 offers were heard at $350/t CFR, while shredded from Australia was quoted at $365-366/t CFR.
Turkiye: Turkiye’s imported deep-sea scrap market remained steady, with sellers from the US and Eurozone maintaining firm offers despite weak rebar demand and sluggish trade activity.
US sellers resisted reducing offers below $348/t CFR, buoyed by expectations of a stronger domestic market. European recyclers also held firm, citing strong local demand and a firm euro. Offers from the US were at above $345/t CFR, while those from the EU and Baltic regions were in the $340-342/t CFR range. EU-origin HMS was heard at around $340/t CFR.
On the supply side, dock prices in the Amsterdam region were heard at EUR 250-255/t for HMS 80:20, supporting firm export offers. However, Turkish mills continued to resist these levels due to persistently poor rebar sales. A mill-side participant noted, “There is no clear support for these levels with rebar demand nearly absent.”
Price assessments
India: UK-origin shredded indicatives were assessed at $360/t CFR Nhava Sheva, stable d-o-d.
Pakistan: UK-origin shredded indicatives stood at $370/t CFR Qasim, stable compared to the previous day.
Bangladesh: UK-origin shredded prices were assessed at $370/t CFR Chattogram, fellby $1/t compared to the previous day.
Turkiye: US-origin HMS (80:20) bulk scrap prices were assessed at $339/t CFR Turkiye, up by $2/t d-o-d.
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