- Indian buyers cautious amid weak steel demand
- Turkish trade stalls as mills delay fresh bookings
South Asia’s imported scrap markets remained largely subdued, as seasonal factors, weak downstream demand, and fiscal uncertainties weighed on sentiment across the region. In India, monsoon disruptions and cheaper domestic alternatives dampened import appetite, while Pakistan’s market slowed further amid Muharram-related closures and tax-driven caution. Bangladesh saw minimal activity, as mills deferred bookings to August-September amid tepid construction demand and post-Eid lull.
Meanwhile, Turkish prices held steady, but limited trade and high collection costs in Europe pointed to continued hesitation.
Across markets, buyers remained on the sidelines, awaiting clearer price direction and potential demand recovery later in July.
Market overview
India: India’s imported scrap market remained sluggish as weak steel demand, ongoing monsoon disruptions, and cheaper domestic alternatives such as sponge iron and local scrap dampened buying appetite.
Containerised shredded offers stood at $360-365/t CFR Nhava Sheva, but bids stayed lower at $355-360/t, keeping trades limited. HMS 80:20 offers were heard at $330-335/t CFR from UK/Europe, $335-340/t from Brazil, and $335-345/t from West Africa.
Traders indicated limited inquiries, with firm offers clashing against buyers’ unworkable price expectations. “The market is dull at the moment,” one trader said, adding that some restocking could emerge by mid-July amid tightening domestic scrap availability, after subdued bookings in May and June.
Pakistan: Pakistan’s imported scrap market remained subdued as Muharram observances and seasonal rains disrupted logistics and construction activity, keeping mills running at just 35-40% capacity. Weak downstream demand further limited interest in fresh bookings.
Shredded scrap offers from the UK and Europe were heard at $372-375/t CFR Qasim, while UAE-origin shredded was quoted higher at $382-385/t. Offers for HMS 80:20 from the UAE stood at $360-365/t CFR, with HMS 1 heard up to $368/t.
Market participants remained cautious, awaiting clearer post-holiday demand signals and evaluating recent fiscal changes, including adjusted customs duties under the FY’26 budget. Sentiment stayed soft amid limited trade.
Bangladesh: Bangladesh’s imported scrap market remained muted as monsoon disruptions and the post-Eid slowdown kept mills operating below capacity. Buyers largely avoided prompt cargoes, shifting attention to August-September shipments.
Bulk HMS from the US West Coast was booked at $346-350/t CFR, while shredded and bonus grades reached up to $360/t.
Containerised Australian-origin shredded offers held firm at $370-375/t CFR, but bids remained limited at $360-365/t, while HMS 80:20 was heard at $350-355/t, Brazil HMS at $345/t, and Japanese H2 at $350-355/t CFR.
Higher-grade offers such as PNS and busheling ranged within $375-390/t CFR. Sentiment stayed soft amid tepid construction demand and rising cost pressures post-budget.
Turkiye: The Turkish imported scrap market remained stagnant, with bulk HMS 80:20 prices steady at $345/t CFR, as buyers and sellers awaited clearer price direction. Mills stayed sidelined amid weak domestic rebar demand and cheaper billet offers from Asia, curbing their appetite for higher scrap prices.
Meanwhile, sellers, especially from the US and EU, held a bullish near-term outlook. With rising euro values and high collection costs, Eurozone sellers targeted offers near $345/t CFR, but actual trade remained limited, as firm offers were scarce due to holidays and logistical issues in Europe. Market participants expect mills may resume bookings for August shipments.
Price assessments
India: UK-origin shredded indicatives were assessed at $360/t CFR Nhava Sheva, unchanged d-o-d.
Pakistan: UK-origin shredded indicatives stood at $373/t CFR Qasim, up by $1/t d-o-d.
Bangladesh: UK-origin shredded prices were assessed stable d-o-d at $367/t CFR Chattogram.
Turkiye: US-origin HMS (80:20) bulk scrap prices were assessed at $345/t CFR Turkiye, unchanged d-o-d.
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