- Turkiye mills resist firm offers amid slow rebar sales
- Pakistan’s mills cautious, hold back from new bookings
South Asia’s imported scrap markets remained cautious amid weak steel demand and rising offer levels. India and Pakistan saw limited bookings due to high prices, while Bangladesh showed mild recovery. Turkiye resisted firm offers despite tighter availability.
Market overview
India: India’s imported ferrous scrap market remained sluggish amid weak buying interest and a wide bid-offer gap. Offers for HMS 80:20 hovered in the $338-342/t CFR range, while shredded scrap was quoted at $360-362/t CFR.
UK-origin HMS was heard at $345/t CFR Mundra, with shredded at $365-370/t. Premium grades like PNS and busheling were offered at $375/t CFR. Meanwhile, Australian HMS offers stood at $345-350/t CFR, but Indian buyers continued to hold bids closer to $340/t, reflecting resistance to current price levels.
Pakistan: Pakistan’s imported scrap market remained sluggish, with limited bookings as mills stayed cautious amid weak finished steel sales. EU-origin shredded scrap was mostly offered above $370/t CFR Qasim, with many suppliers quoting $375/t or higher. UK-origin shredded at $370/t was no longer available, as sellers pushed offers upward.
From the UAE, shredded offers climbed to $385/t CFR, while HMS-PNS mix was heard in the $376-378/t CFR range. Mills continued to hold back, showing little urgency to procure, expecting either a market correction or clearer demand signals before making fresh purchases.
Bangladesh: Market sentiment in Bangladesh remained moderately positive as most domestic steel mills resumed operations, indicating improved production stability. Scrap procurement activity has picked up slightly, with a few mills cautiously stepping back into the import market, signalling early confidence in steel demand recovery.
Australian shredded scrap was quoted at $365-366/t CFR, with recent tradable levels at $355-360/t. However, larger bulk bookings remain limited as mills continue to closely monitor global and domestic trends.
Turkiye: Imported scrap prices in Turkiye are showing an upward momentum, with offers for US/Baltic-origin HMS 80:20 at $348-350/t CFR and EU cargoes at $340-345/t. However, mills are resisting offers above $340/t, citing weak finished steel demand and tight margins.
A UK recycler noted limited availability during the summer, keeping sellers firm on pricing. Despite the need for around 20 cargoes for July shipments, Turkish mills are booking cautiously, unwilling to commit unless prices soften.
Domestic rebar prices stand around $535-545/t exw depending on location, but demand remains limited in both domestic and export markets. Mills are likely to re-enter the market more actively only if fresh rebar orders emerge or scrap prices retreat.
Price assessments
India: UK-origin shredded indicatives were assessed at $362/t CFR Nhava Sheva, up by $2/t d-o-d.
Pakistan: UK-origin shredded indicatives stood at $375/t CFR Qasim, up by $5/t compared to the previous day.
Bangladesh: UK-origin shredded prices were assessed at $374/t CFR Chattogram, up by $4/t compared to the previous day.
Turkiye: US-origin HMS (80:20) bulk scrap prices were assessed at $342/t CFR Turkiye, up by $3/t d-o-d.
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