- Turkiye: Sellers bullish, buyers quiet during holiday pause
- Bangladesh: Selective procurement amid limited activity
South Asia’s scrap markets remained slow, with buyers in India, Pakistan, and Bangladesh showing limited interest amid weak steel demand. Turkiye saw slightly firmer prices despite thin activity during holidays, while sellers held bullish expectations.
Market overview
India: India’s imported ferrous scrap market remained quiet, weighed down by oversupply and limited buying interest.
Bulk offers from the US were heard at $350-355/t for shredded, $345/t for HMS 80:20, and $355-360/t for bonus grade. However, bids remained significantly lower-$340/t for shredded and $335/t for HMS 80:20. EU shredded was only workable below $360/t, while suppliers continued quoting higher at $365/t, citing tight supply.
Overall, buyers are holding back amid weak domestic steel demand and bearish sentiment.
Pakistan: The Pakistani imported ferrous scrap market remained sluggish, with limited trade interest seen at Port Qasim.
Fresh offers for EU-origin shredded were heard at around $385/t CFR Qasim, while UAE-origin shredded hovered higher at $395-400/t amid active demand.
On the trade side, a Karachi-based buyer booked two shredded cargoes at $380-382/t both UK/EU origin. Market sentiment, however, remained cautious as mills are not aggressively bidding due to weak finished steel demand and currency concerns.
Bangladesh: Bangladesh’s imported scrap market stayed slow, with buyers showing selective interest and preferring low-volume bookings. Mills remained cautious amid muted domestic rebar demand and limited liquidity.
Shredded offers from Australia were heard around $372-373/t, while HMS was at $350/t. Dhaka-based mills were reportedly willing to pay slightly higher around $375-378/t for shredded, as they are not buying regularly and aim to outbid other mills to secure material.
Turkiye: Turkish deep-sea import scrap prices inched up by $2/t, though trading activity remained limited due to ongoing holiday closures. Market participants stayed on the sidelines, awaiting clearer price signals, while sellers maintained a bullish outlook.
Offers hovered just below the $345-350/t CFR range, with a few deals reportedly done at $347/t. Despite muted activity, overall sentiment remained firm.
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 $380/t CFR Qasim, up by $2/t compared to the previous day.
Bangladesh: UK-origin shredded prices remins stable d-o-d at $372/t CFR Chattogram.
Turkiye: US-origin HMS (80:20) bulk scrap prices were assessed at $347/t CFR Turkiye, up by $2/t compared to the previous day.
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