- Mills cautious amid weak demand
- Import offers steady, trade volumes thin
South Asia’s scrap markets remained largely subdued d-o-d, with weak steel demand, monsoon disruptions, and currency concerns limiting trade activity in India, Pakistan, and Bangladesh, while Turkiye’s market stayed flat amid limited fresh offers.
Market overview
India: Imported scrap trade activity in India remained slow, with weak bulk inquiries and selective containerised buying amid soft finished steel demand and improved local scrap availability.
Shredded offers from Australia to Chennai were at $365-366/t CFR, but bids stayed below $360/t. EU shredded offers were reported at $365-370/t CFR India. Some sellers raised expectations slightly on stronger cues from China, though trade remained limited due to subdued buyer interest.
Pakistan: Pakistan’s imported scrap market remained muted, with mills holding back from new bookings despite offer levels rising. European shredded was heard at around $385/t CFR Port Qasim, but sluggish rebar demand and currency instability kept buyers hesitant.
With limited restocking appetite and weak downstream demand, suppliers may struggle to conclude deals in the near term.
Bangladesh: The imported scrap market remained quiet as monsoon disruptions and political uncertainty dampened buying sentiment. Mills stayed cautious due to weak steel demand and sufficient inventories.
Traders noted Indonesia’s renewed buying interest has reduced regional cargo availability for Bangladesh, further softening demand and limiting trade.
Offers
- PNS from Singapore/Malaysia: $380-382/t CFR
- Shredded from Australia: $375/t CFR
Turkiye: Imported deep-sea ferrous scrap prices in Turkiye held steady as market participants paused for clearer price signals. A deal earlier in the week set the market tone, but fresh offers were absent. A Baltic-origin offer at $342/t CFR drew no interest, reflecting buyer caution. Mills, having been aggressive in July, are expected to ease purchases in August, according to a European recycler.
Indicative offers for EU-origin HMS 80:20 stood at $340-342/t CFR, with Platts normalizing these to $345-347/t CFR due to quality differentials. Meanwhile, bids remained below $340/t CFR, underscoring the prevailing bid-offer mismatch and continued market sluggishness.
Price assessments
India: UK-origin shredded indicatives were assessed at $361/t CFR Nhava Sheva, up by $1/t compare to friday.
Pakistan: UK-origin shredded indicatives stood at $382/t CFR Qasim, stable to the last closing day (friday).
Bangladesh: UK-origin shredded prices remained stable compare to friday at $372/t CFR Chattogram.
Turkiye: US-origin HMS (80:20) bulk scrap prices were assessed at $347/t CFR Turkiye, stable compared to the last closing day (friday).
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