- Pakistan remains active; India, Bangladesh see muted trade
- Turkish mills wary despite slight rebound in rebar market
South Asian scrap markets were largely stable today. India stayed sluggish, with shredded prices stable d-o-d at $361/tonne (t) CFR, while Pakistan remained active, with the same grade at $383/t CFR, up by $1/t. Bangladesh was quiet, with shredded flat at $374/t CFR. Turkish prices held steady at $346/t CFR amid cautious mill buying.
Market overview
India: India’s imported scrap market stayed sluggish, with UK-origin shredded last offered at $360-365/t CFR. Brazilian HMS 80:20 was heard at around $345/t CFR. Suppliers held back cargoes as they secured higher prices in Pakistan, while weak demand and buyer resistance to current offers kept prices under pressure.
In contrast, the domestic market showed early signs of recovery. A market participant commented, “In the northern region, interest in imported scrap has increased slightly compared to last month, though active procurement has yet to start. Buyers are gradually returning, indicating the first signs of improved sentiment.”
Pakistan: Pakistan’s imported scrap market stayed active, with shredded cargoes booked at around $385/t CFR, as buyers outbid India and drew more supply. Still, monsoon disruptions curbed mill operations and reduced production capacity, keeping overall scrap offtake in check despite steady demand.
Bangladesh: Bangladesh’s imported scrap market stayed quiet, as mills delayed fresh bookings, citing weak steel demand and monsoon disruptions. Shredded offers from Australia were at $375-380/t CFR, while bids trailed at $368-370/t, leaving a wide gap that limited trading activity. Buyers showed little urgency to conclude deals under current conditions.
Turkiye: Imported deep-sea scrap prices in Turkiye held steady d-o-d, as mills paused buying, following a wave of deals earlier in the week. Market participants said mills are closely tracking price direction after a slight recovery in rebar sentiment.
A market participant noted that mills are waiting for the results of their finished steel sales to gauge demand for the upcoming booking cycle. Firmer billet prices in Asia are also expected to lend some support to scrap demand.
However, an EU recycler said Turkish mills are dictating prices, forcing exporters to adjust offers and keeping the market cautious.
Price assessments
India: UK-origin shredded indicatives were assessed at $361/t CFR Nhava Sheva, stable compared to the last closing on Friday.
Pakistan: UK-origin shredded indicatives stood at $383/t CFR Qasim, up by $1/t compared to Friday.
Bangladesh: UK-origin shredded prices remained stable compared to Friday at $374/t CFR Chattogram.
Turkiye: US-origin HMS (80:20) bulk scrap prices were stable at $346/t CFR Turkiye, compared to the last closing on Friday.
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