- Turkish mills wary amid rebar market woes
- Bangladesh market muted, bids remain below offers
South Asia’s scrap markets stayed subdued, with India, Pakistan, and Bangladesh seeing weak demand and cautious buying, while Turkiye’s deepsea scrap prices held stable as mills remained sidelined amid sluggish rebar fundamentals.
Market overview
India: India’s imported ferrous scrap market remained quiet, with buyers cautious and no major bookings reported. Mills are currently less focused on imports, relying instead on alternative raw materials.
Indicative offers were noted for UK shredded at $358-362/t CFR Nhava Sheva and Australian shredded at $354-355/t CFR. HMS 80:20 from West Africa hovered around $334-335/t CFR, while UK busheling was quoted higher at $370-372/t CFR, reflecting a firm premium for prime scrap.
Pakistan: Pakistan’s imported ferrous scrap market remained sluggish, with muted trading and cautious buying interest.
Suppliers were offering shredded scrap at $375-380/t CFR Port Qasim, while recent deals saw buyers paying between $375-378/t, reflecting a narrow trading range amid weak demand.
Bangladesh: Bangladesh’s ferrous scrap market stayed muted, with trading nearly at a standstill as mills kept suppliers from actively offering material despite some easing in freight costs.
A gap persists between bids and offers, with buyers seeking PNS at $375/t CFR Chattogram, while suppliers from Hong Kong and Singapore refuse to go below $380/t.
An Australian supplier also described current market conditions as “no good,” reporting weak interest from Bangladeshi buyers for scrap imports.
Turkiye: Turkish imported deepsea scrap prices were unchanged d-o-d, as mills largely stayed on the sidelines. Despite the stable prices, sentiment in the market remained cautious amid weak rebar fundamentals weighing on mill buying appetite.
Sellers, meanwhile, continued to push for higher offers, arguing that scrap prices didn’t need to drop since the scrap-to-rebar spread remains in positive territory.
Indicative tradable levels for EU-origin HMS 80:20 were heard at $345-350/t CFR, reflecting ongoing negotiations and quality-related price adjustments in the imported scrap market.
Price assessments
India: UK-origin shredded indicatives were assessed at $362/t CFR Nhava Sheva, stable compared to the previous day.
Pakistan: UK-origin shredded indicatives stood at $376/t CFR Qasim, up by $1/t d-o-d.
Bangladesh: UK-origin shredded prices were up by $3/t at $373/t CFR Chattogram compared to the 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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