- Indian buyers muted due to weak market conditions
- Bangladesh market sees early signs of recovery
The South Asian imported scrap market reflected cautious buying patterns, geopolitical uncertainties, and subdued downstream steel demand across the region. While Bangladesh showed early signs of recovery with mills gradually resuming purchases, India and Pakistan continued to witness limited activity amid wide bid-offer gaps and buyer resistance.
Indian mills remained inactive due to weak domestic steel demand and the availability of competitively priced local scrap, while Pakistan grappled with shipment delays and the impact of new duties on re-rollable scrap.
In contrast, Turkiye’s market saw a mild rebound as buyers returned, but the outlook stayed cautious amid seasonal supply shortages and weak rebar sales.
Overview
India: India’s imported scrap market remained subdued, with limited trading activity as buyers stayed cautious amid weak demand, competitive domestic scrap availability, and geopolitical uncertainties. Offers for UK/EU-origin shredded hovered around $360/t CFR, while HMS 80:20 was quoted in the $335-340/t CFR range, though buyer interest remained lower at $325-328/t CFR. Overall, market sentiment stayed bearish, with mills refraining from fresh bookings due to sluggish finished steel sales and unclear price direction.
Pakistan: Pakistan’s imported scrap market remained uncertain, with slow activity and cautious sentiment. Offers for UK/EU-origin shredded scrap held firm at $375/t CFR Qasim, with recent deals around $372-375/t. From the UAE, shredded was offered higher at $385/t CFR, while HMS 80:20 was at $360-365/t and HMS 1 was heard at $365-368/t CFR.
Despite stable offers, buyers remained hesitant due to prolonged transit times and weak domestic demand.
Some participants noted that the recent 5% duty on re-rollable scrap could push local scrap prices up, creating a temporary lift in domestic sentiment. However, overall market clarity was lacking, and most mills preferred to stay on the sidelines awaiting more stable conditions.
Bangladesh: Bangladesh’s imported scrap market remained cautiously optimistic as most steel mills resumed regular production, improving operational stability. Some mills slowly returned to the global scrap market, making limited purchases and indicating early signs of demand recovery.
Australian shredded scrap was offered at $365-370/t CFR, with tradable levels at $355-360/t, while containerised HMS 80:20 offers hovered around $355-360/t CFR, but buyers bids were around $350/t.
Despite the gradual pickup in activity, bulk bookings from major origins like the US remained limited, as mills remained watchful amid global uncertainties, including Middle East tensions and oil price fluctuations
Turkiye: The Turkish imported scrap market saw a slight uptick as buyers cautiously re-entered, but sentiment remained uncertain. Bulk HMS 80:20 was assessed at $345/t CFR, driven by firm seller offers amid seasonal supply shortages from Europe and the US. However, Turkish mills remained hesitant due to weak rebar demand and energy cost pressures, limiting upward momentum. Ongoing Middle East tensions and potential billet disruptions added further caution, though major price gains seem unlikely unless mills show strong buying interest. Market participants remain watchful, with scrap under pressure despite firm offers.
Price assessments
India: UK-origin shredded indicatives were assessed at $361/t CFR Nhava Sheva, down by $1/t compared to last close on Friday.
Pakistan: UK-origin shredded indicatives stood at $375/t CFR Qasim, unchanged compared to last close on Friday.
Bangladesh: UK-origin shredded prices were assessed at $374/t CFR Chattogram, stable compared to last close on Friday.
Turkiye: US-origin HMS (80:20) bulk scrap prices were assessed at $345/t CFR Turkiye, up by $3/t compared to last close on Friday.
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