- Indian buyers weigh fresh options
- Turkish mills await clearer market signals
South Asia’s scrap markets stayed mostly sluggish. India and Pakistan saw slight price upticks of $1-2/t amid thin trade. Bangladesh remained stable under monsoon pressure, while Turkish deepsea scrap prices held steady as mills paused buying.
Market overview
India: India continued to show limited buying interest in imported ferrous scrap, with minimal spot buying and a clear resistance to higher offers. EU-origin shredded scrap was offered in the range $360-364/t CFR, while busheling from the same region stood slightly higher at $368-370/t CFR.
Some activity was noted in Southeast Asian-origin materials. NTP bales from Malaysia and Korea were heard offered at $365/t CFR, though buying interest remained thin.
Small-volume bookings for Australian shredded scrap were also reported at $365-366/t CFR Chennai, but most Indian buyers continue to adopt a wait-and-watch approach amid price uncertainty and weak downstream steel demand.
Pakistan: Pakistan’s imported ferrous scrap market continued to move at a slow pace, with trading activity subdued and buyers showing limited interest. Offers for shredded scrap were heard at $380/t CFR Qasim, but most buyers remained resistant, placing bids closer to $375/t.
Indicative prices for HMS from UK/Europe were heard at $350/t CFR. Meanwhile, UAE-origin shredded was offered slightly higher at $388-390/t CFR.
However, market participants noted that shredded offers have mostly disappeared, indicating tightening availability or reduced supplier interest at current bid levels.
Bangladesh: Bangladesh’s ferrous scrap market remains subdued, with trading activity minimal amid persistent monsoon disruptions and an uncertain political environment.
On the import front, offers continue to surface but struggle to generate significant interest. Australian shredded scrap is offered at $370-372/t CFR Chattogram, while HMS 80:20 from Australia stands at around $350/t CFR.
Malaysia-origin busheling scrap is quoted at $385/t CFR Chattogram, with Hong Kong PNS also offered in the $385-388/t range CFR.
Turkiye: Turkish deepsea imported scrap prices held steady d-o-d, as mills stepped back from fresh purchases after booking significant volumes in recent deals.
Indicative tradable levels for US and Baltic-origin HMS 80:20 were reported at around $340-350/t CFR and higher. EU-origin HMS 80:20 was cited at $347-348/t CFR.
US recyclers maintained firm pricing, aiming for higher offer levels. Sellers managed to secure premiums of $10-15/t in the domestic market compared with export sales.
Price assessments
India: UK-origin shredded indicatives were assessed at $362/t CFR Nhava Sheva, up by $2/t compared to previous day.
Pakistan: UK-origin shredded indicatives stood at $375/t CFR Qasim, up by $1/t d-o-d.
Bangladesh: UK-origin shredded prices were stable at $370/t CFR Chattogram compared to previous day.
Turkiye: US-origin HMS (80:20) bulk scrap prices were assessed at $347/t CFR Turkiye stable d-o-d.
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