- Bangladesh silent as rains, slow construction hit demand
- Turkish market steady but slow, mills resist high offers
South Asia’s imported scrap market continued to face headwinds of weak demand, seasonal disruptions, and geopolitical uncertainties. India, Pakistan, and Bangladesh all saw limited buying activity as steelmakers hesitated to book fresh cargoes, grappling with sluggish finished steel sales, competitive domestic scrap alternatives, and unclear pricing direction. Meanwhile, Turkiye’s market remained steady but inactive, with buyers holding off amid poor rebar demand and rising freight risks. Sellers across regions maintained firm offers, but buyers largely stayed in wait-and-watch mode, reflecting the cautious sentiment prevailing across the region’s scrap trade.
Market overview
India: India’s imported scrap market remained sluggish, with limited trade as buyers stayed cautious amid weak steel demand, monsoon disruptions, and competitive domestic scrap and sponge prices. Shredded scrap offers from the UK/EU hovered at $355-360/t CFR, though tradable levels were lower at $350-355/t. HMS 80:20 from West Africa was offered at $335-340/t, while UK busheling saw bids at $365-370/t. However, mills preferred domestic alternatives like sponge iron due to better affordability. Ongoing geopolitical tensions and freight uncertainties further dampened sentiment. Most sellers held back fresh offers, adopting a wait-and-watch approach as Indian buyers avoided large bookings amid unclear price direction and sluggish finished steel sales.
Pakistan: Pakistan’s imported scrap market remained subdued as buyers stayed cautious amid Middle East tensions and freight uncertainties. UK/EU-origin shredded scrap offers stood at $370-375/t CFR Qasim, while UAE-origin shredded was quoted higher at $385/t. HMS 80:20 was offered at $360-365/t and HMS 1 at $365-368/t CFR.
Despite stable to firm offers, buyers held back on bookings due to concerns over possible vessel delays and rising war risk surcharges linked to Strait of Hormuz disruptions.
Domestically, scrap prices ranged from PKR 135,000-142,000/t ($475-500/t), while rebar hovered at PKR 235,000-238,000/t ($827-838/t).
The proposed 5% duty on re-rollable scrap further clouded market sentiment, keeping short-term demand in check.
Bangladesh: Bangladesh’s imported scrap market remained quiet post-Eid, weighed down by monsoon disruptions and weak construction activity. Mills operated below full capacity and showed limited buying interest.
In the bulk segment, offers from the US West Coast stood at $350/t for HMS, $355/t for shredded, and $360/t for bonus. Japanese H2 was offered at $340-345/t, while HS and Shindachi were heard at $370–375/t, with buyers bidding $10–15/t lower.
Containerised offers from Australia for shredded stood at $370-375/t, but buyer interest was capped at $360-365/t. HMS 80:20 was heard at $350/t. Overall sentiment stayed cautious with minimal booking activity.
In the domestic market, local scrap prices held at BDT 52,500-54,500/t ($430-446/t) and rebar at BDT 81,000-84,000/t ($664-689/t).
Turkiye: The Turkish imported scrap market remained largely stable but sluggish with bulk scrap prices holding at $345/t CFR amid slow restocking by mills. Weak rebar demand kept buyers on the sidelines, and although mills still require July shipments, most refrained from new deals.
Sellers, meanwhile, sought alternative markets like Egypt and Morocco, where buyers were reportedly paying slightly higher prices. Currency fluctuations, logistics costs, and slow scrap collection kept suppliers firm on offers.
Only one confirmed deal at $336/t CFR from the Netherlands surfaced, while expectations linger for more bookings later in the week as pricing remains a sticking point.
Price assessments
India: UK-origin shredded indicatives were assessed at $359/t CFR Nhava Sheva, down by $1/t d-o-d.
Pakistan: UK-origin shredded indicatives stood at $372/t CFR Qasim, down by $2/t d-o-d.
Bangladesh: UK-origin shredded prices were assessed at $368/t CFR Chattogram, down by $2/t.
Turkiye: US-origin HMS (80:20) bulk scrap prices were assessed at $345/t CFR Turkiye, unchanged d-o-d.
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