- Pakistan remains subdued amid monsoon disruptions
- Turkish prices hold firm as buyers adopt cautious stance
South Asian scrap markets showed mixed trends today, with India and Bangladesh seeing price gains of $7/tonne (t) and $3/t d-o-d, respectively. Meanwhile, Pakistan remained subdued amid monsoon disruptions.
The Turkish market was stable, as mills completed their August procurement and shifted focus to September needs.
Market overview
India: India’s imported scrap market shows some sign of positiveness, with UK-origin shredded was offered at $370-365/t CFR Nhava Sheva. Fresh EU-origin shredded offers were heard at $370-375/t, while HMS from the UK was quoted at $340-345/t.
Iron ore and sponge iron prices firmed up, lifting sentiment in the scrap market as well.
A market participant noted that expected iron ore price hikes and rising coal costs could lift finished steel prices in August, with the impact likely to spill over into the scrap market.
Pakistan: Pakistan’s imported scrap market was subdued today, with no deals heard over the past week. New offers were heard from the UK/Europe at $382-385/t CFR, while UAE-origin shredded was quoted at $395-400/t and HMS at $350-355/t.
Market inquiries remained limited as heavy monsoon rains and flooding continued to disrupt activity. Mills operated at only 30-35% of their capacity, with most purchases concentrated in a few regions. Some billet inquiries from Iran were noted, though overall demand stayed weak.
Bangladesh: Bangladesh’s imported scrap market was quiet today despite the price gains, with offers heard at over $355/t CFR Chattogram for HMS and around $370/t CFR for shredded. Trading remained limited as mills showed little buying interest.
Continuous rainfall over the past 20 days has dampened activity, while stalled infrastructure projects and unresolved issues from the previous administration continued to weigh on market sentiment.
Turkiye: The Turkish deep-sea scrap market held stable d-o-d, with mills having largely completed their procurement for August shipments. Trading activity slowed amid the typical summer lull, as most buyers shifted into a wait-and-watch mode for September requirements.
Market sentiment remained weak, with limited urgency from mills to secure fresh cargoes. US-origin HMS 80:20 was heard tradable at $345-348/t CFR, while EU-origin cargoes were slightly lower at $338-342/t CFR.
Price assessments
India: UK-origin shredded indicatives were assessed at $368/t CFR Nhava Sheva, up by $7/t d-o-d.
Pakistan: UK-origin shredded indicatives stood at $383/t CFR Qasim, stable d-o-d.
Bangladesh: UK-origin shredded prices were up by $3/t d-o-d at $377/t CFR Chattogram.
Turkiye: US-origin HMS (80:20) bulk scrap prices were stable d-o-d at $346/t CFR Turkiye.
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