- Pakistan: Imports improve after budget-driven support
- Turkish market steady; eyes on rate decision
South Asia’s scrap markets remained stable, with cautious buying in India and Bangladesh amid weak demand and monsoon disruptions, while Pakistan saw modest recovery and Turkiye stayed steady ahead of its central bank policy decision.
Market overview
India: Imported scrap trade in India stayed sluggish, as buyers showed little interest above $360/t CFR for shredded scrap. While some suppliers continued to float offers as high as $370/t, Indian mills remained hesitant amid weak domestic finished steel prices.
Turning scrap from the EU was heard at $315-320/t CFR Nhava Sheva, while UK/EU-origin busheling maintained a higher range of $370-374/t CFR. Despite firmer levels in Pakistan, Indian buyers remain cautious.
Pakistan: Pakistan’s imported scrap market has seen a modest revival following recent federal budget changes. Eased import restrictions and higher duties on finished steel have provided relief to local mills, prompting some to resume bookings despite running below capacity.
Buying interest has increased, especially from the UAE, due to logistical advantages. However, sizeable volumes have also been secured from Europe, with recent prices at $380-382/t CFR.
Bangladesh: Bangladesh’s imported scrap market stayed slow as monsoon rains delayed construction activity, keeping most buyers on the sidelines. Only a few active buyers were seen, maintaining a cautious stance amid limited near-term production needs.
Offers stood at $340-345/t CFR for Japan H2 and $362-364/t CFR for HS grade. US West Coast HMS 80:20 was heard at $350-355/t CFR. Despite steady billet prices and political stability, import activity remained subdued due to seasonal disruptions.
Turkiye: Turkiye’s imported scrap market stayed flat, with buyers cautious ahead of the central bank’s upcoming rate decision. Fresh bookings remained limited as several August cargoes have already been secured.
US recyclers held offers above $350/t CFR for HMS 80:20, anticipating stronger domestic settlements. However, tradable values were heard at $348-350/t CFR, while Baltic-origin scrap was slightly lower at $345-348/t.
A few more August cargoes may still be booked, though momentum is slow. Sentiment remains cautiously optimistic, supported by steady prices and signs of improving steel demand.
Price assessments
India: UK-origin shredded indicatives were assessed at $360/t CFR Nhava Sheva, stable compare to previous day.
Pakistan: UK-origin shredded indicatives stood at $382/t CFR Qasim, stable d-o-d.
Bangladesh: UK-origin shredded prices remians stable d-o-d at $370/t CFR Chattogram.
Turkiye: US-origin HMS (80:20) bulk scrap prices were assessed at $347/t CFR Turkiye, stable compared to previous day.
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