- Pakistan leads buying; India, Bangladesh stay cautious
- Turkiye sentiment firm despite minor price decline
South Asia’s imported scrap market saw mixed trends, with Pakistan active, India cautious, and Bangladesh largely quiet. Turkiye’s prices dipped, though sentiment stayed firm on September shipment hopes and stable cargo availability.
Market overview
India: India’s imported scrap market remained sluggish, with UK-origin shredded offers heard at $360-365/t CFR. Suppliers held back material as they secured higher prices of $20-22/t more from other markets such as Pakistan. With limited demand and buyer resistance to current offers, prices remained under pressure.
However, the local market showed signs of recovery, with rising demand for sponge iron, domestic scrap, and billet. Inquiries for imported scrap picked up over the past week, and many buyers are expected to return to the market after staying inactive for 2-3 months. A potential shortage could emerge, supporting an upward price trend.
Pakistan: Pakistan’s imported scrap market remained active as buyers continued to secure shredded cargoes at around $385/t CFR, outbidding India and attracting more supply. However, monsoon-related disruptions impacted mill operations and reduced production capacity, limiting overall scrap offtake despite steady booking interest.
Bangladesh: Bangladesh’s imported scrap market remained subdued as most mills stayed on the sidelines, delaying raw material bookings for the next production cycle. Mills continued to adopt a cautious stance amid poor steel demand and monsoon-related disruptions.
Shredded offers from Australia were heard at $375-380/t CFR, but bids lagged at $368-370/t. The persistent bid-offer gap kept trading activity minimal, with buyers showing little urgency to secure cargoes.
Turkiye: Imported deepsea scrap prices in Turkiye edged down d-o-d as cargo availability remained steady. Traders noted sufficient material in the market, suggesting limited scope for price fluctuations in premium HMS 80:20 over the next few days.
Despite the slight decline, market sentiment stayed bullish, with participants expecting stronger prices for September shipment cargoes.
Tradable levels were heard at $346-348/t CFR for US/Baltic-origin HMS 80:20, while EU-origin material was slightly lower at $340-344/t CFR.
Price assessments
India: UK-origin shredded indicatives were assessed at $361/t CFR Nhava Sheva, up by $1/t compared to the previous day.
Pakistan: UK-origin shredded indicatives stood at $382/t CFR Qasim, down by $1/t d-o-d.
Bangladesh: UK-origin shredded prices edged up by $3/t d-o-d at $374/t CFR Chattogram.
Turkiye: US-origin HMS (80:20) bulk scrap prices fell by $1/t at $346/t CFR Turkiye, compared to the previous day.
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