- Indian buyers wary, bank on domestic scrap
- Turkish scrap prices edge up marginally
South Asian imported scrap markets remained largely subdued this week, weighed down by weak steel demand, seasonal disruptions, and cautious buying sentiment. India saw limited activity as mills turned to cheaper domestic alternatives, while Pakistan’s market stayed slow with stable offers but fragile sentiment amid currency volatility.
In Bangladesh, monsoon rains and stalled construction projects kept imports muted, despite stable pricing. Turkiye was the only market to register a marginal uptick, with bulk HMS 80:20 inching up by $1/t, though overall demand remained thin as many participants stayed away during the holiday period.
Market overview
India: India’s imported scrap market stayed muted as mills avoided fresh bookings, citing unworkable prices, a weaker rupee, and sufficient domestic scrap supply. European and Australian shredded was indicated at $365-370/t CFR, while HMS 80:20 from major origins eased to $330-335/t CFR.
Demand was further curbed by a strategic shift toward DRI, sponge iron, and pig iron, alongside the arrival Japanese bulk cargoes adding supply pressure. Sentiment weakened after the US moved to double tariffs on Indian goods to 50% from 27 August, with buyers cautious and market activity limited despite sporadic inquiries ahead of the post-monsoon season.
Pakistan: Pakistan’s imported scrap market stayed slow, with UK/Europe shredded scrap offers stable at $380-385/t CFR Qasim. Meanwhile, UAE-origin shredded scrap was offered $395-400/t CFR and sheared HMS at $3375-378/t and fabrication scrap at $395/t CFR.
Domestic scrap prices held firm at PKR 138,000-140,000/t, with billets at PKR 200,000-202,000/t and rebars at PKR 235,000-240,000/t, as sellers resisted cuts despite weak rebar sales squeezing mill margins. Buyers remained cautious amid subdued steel demand, currency volatility, and unclear price direction, leaving overall import activity muted and sentiment steady but fragile.
Bangladesh: Bangladesh’s imported scrap market stayed quiet, with heavy monsoon rains and weak construction demand limiting buying activity. Australian HMS 80:20 was indicated near $350-355/t CFR, while shredded scrap was heard around $370-375/t levels. Malaysian shredded was heard at $375-380/t against bids at $365/t, and PNS from Hong Kong at $380/t versus buying interest at $370-375/t.
Domestic scrap offers held at BDT 46,000-47,000/t, while rebar prices stood at BDT 76,000-78,000/t, though some Chittagong mills trimmed rates to spur sales. Mills avoided aggressive imports, with sentiment dampened by flooding, stalled government projects, and a sharp drop in steel consumption, leaving overall market momentum subdued.
Turkiye: Turkiye’s imported scrap market saw a slight uptick, with bulk HMS 80:20 assessed at $347/t CFR, up $1 d-o-d after September-shipment bookings. A US-origin cargo was heard sold at $347/t CFR to an Iskenderun mill, while a Baltic-origin deal was reportedly done at $346/t CFR for HMS and $366/t CFR for shredded, though unconfirmed.
Tradable values for US/Baltic-origin HMS hovered at $346-347/t CFR. Demand fundamentals stayed steady but thin, with several market participants away on holiday, keeping sentiment largely unchanged despite the marginal price rise.
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