- India pressured by supply glut, expects Aug rally
- Dull rebar demand weighs on prices in Turkiye
South Asia’s scrap markets remained stable, with India sluggish amid weak demand, Pakistan quiet on tight supplies in shredded, and Bangladesh cautious. Turkiye stayed muted during holidays, with mills resisting higher scrap prices due to poor rebar sales.
Market overview
India: India’s imported ferrous scrap market stayed sluggish today, pressured by oversupply and weak demand amid slow infrastructure activity. Participants are cautiously hoping for better momentum and pricing by August.
Handloaded HMS (1% impurities) was offered at $340/t CFR Nhava Sheva, while UK HMS (2%) was indicated at around $330/t CFR. Shredded scrap offers remained in the $360-365/t range, though buyers are targeting lower levels near $355/t CFR.
Inquiries have picked up modestly, but deals remain limited as sellers resist dropping prices to match buyers’ bids.
Ongoing negotiations for Ireland HMS (2-3% impurities) were heard discussed at $340/t CFR.
Pakistan: Pakistan’s imported ferrous scrap market remained subdued today, with limited activity amid weak sentiment. Offers for UK/Europe-origin shredded hovered at around $382-385/t CFR Qasim, though trades were sparse.
In the local market, prices held steady with local scrap at PKR 145,000/t ($509/t), billets at around PKR 210,000/t ($737/t), and rebar trading at PKR 235,000-240,000/t ($825-843/t).
Bangladesh: Bangladesh’s imported scrap market remained cautious today, with buyers showing selective interest and preferring lower volumes. H2 scrap from Japan was reportedly workable at around $335-340/t CFR Chattogram, though firm bids were limited.
On the domestic front, rebar demand stayed slow, hampered by persistent rains. Leading mills maintained rebar prices at BDT 85,000-87,000/t ($700-717/t) ex-works, significantly higher than Dhaka’s market levels of BDT 78,000-79,000/t ($645-651/t), widening the gap between large producers and local trade prices.
Turkiye: Activity in Turkiye’s deep-sea scrap market was quite today, with prices showing little movement amid ongoing holiday closures. Mills remained hesitant to pay higher levels for HMS 80:20 scrap, given lacklustre rebar sales and weak domestic steel demand.
Market sources pegged tradable values for EU and UK-origin HMS 80:20 mostly in the $320-325/t CFR range, while a few sellers held out offers just under $345/t CFR.
Price assessments
India: UK-origin shredded indicatives were assessed at $360/t CFR Nhava Sheva, stable d-o-d.
Pakistan: UK-origin shredded indicatives stood at $378/t CFR Qasim, up by $1/t compared to the previous day..
Bangladesh: UK-origin shredded prices were down d-o-d by $1/t at $372/t CFR Chattogram.
Turkiye: US-origin HMS (80:20) bulk scrap prices were assessed at $345/t CFR Turkiye, stable compared to the previous day.
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