- Pakistani buyers hesitant amid monsoon, slow steel sales
- Bangladesh resists current offers, expecting softer prices
South Asian scrap markets stayed largely stable but sluggish, with India, Pakistan, and Bangladesh seeing limited trades amid cautious buying and weak demand.
Meanwhile, Turkiye’s deep-sea prices held steady as mills awaited clearer market signals.
Market overview
India: India’s imported scrap market stayed muted, with no major trades heard. In Chennai, HMS bundles were offered at $320-330/t CFR and HMS 80:20 at $330-335/t CFR, but buyers viewed these levels as too high, with workable prices closer to $300-305/t for bundles.
Offers for both HMS and shredded remained under pressure amid weakening market conditions. These prompted traders to cut import volumes. US and UK-origin scrap was steady near $370-375/t CFR, with shredded workable at $360-365/t.
On the west coast, EU-origin shredded was offered at $365/t CFR, with busheling at $375-377/t CFR, reflecting limited price changes in a slow market.
Pakistan: The imported scrap market remained subdued, as the monsoon season continued to dampen construction activity and steel demand. Trading momentum was limited, with buyers hesitant amid weak fundamentals and soft market sentiment.
Prices stayed under pressure, though a notable transaction was heard for EU-origin shredded, which was sold at $380/t CFR Qasim. Participants waited for clearer demand signals in the coming weeks.
Bangladesh: Bangladesh’s imported scrap market remained slow, with muted buying and slow negotiations. Mills resisted current offers, waiting for softer prices amid weak steel demand.
Australian HMS 80:20 was offered at $340-345/t CFR Chattogram and busheling at $385-390/t. Malaysian shredded stood at $375-380/t, with bids at around $365/t. PNS from Hong Kong was offered at $380/t, but buyers preferred $370-375/t.
Turkiye: Turkish deep-sea scrap prices held steady as mills stayed on the sidelines, weighed down by sluggish finished steel sales and softening Chinese market sentiment.
Workable values for US/Baltic-origin premium HMS 80:20 were in the $345-347/t CFR range. Mills expect scrap prices to move sideways into September as demand pressure persists.
Price assessments
India: UK-origin shredded indicatives remained stable to $364/t CFR Nhava Sheva, compared to previous day.
Pakistan: UK-origin shredded indicatives stood stable at $380/t CFR Qasim c compared to previous day.
Bangladesh: UK-origin shredded prices edged down by $1/to $373/t CFR Chattogram compared to previous day.
Turkiye: US-origin HMS (80:20) bulk scrap prices emained stable d-o-d to $347/t CFR Turkiye compared to previous day.
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