- Turkiye deep-sea scrap prices stable despite low activity
- India market slow, bid-offer gap limits scrap trade
South Asian scrap markets stayed largely on hold, with India, Pakistan, and Bangladesh seeing muted buying amid weak demand, bid-offer gaps, and seasonal rains, while Turkiye’s prices held steady despite slow trade and soft rebar sentiment.
Market overview
India: India’s imported scrap market stayed slow, with UK HMS 80:20 offers at $335/t CFR and Polish HMS 80:20 at $345/t against buyer ideas near $336/t, reflecting a bid-offer gap of about $10/t.
US and UK-origin scrap remained steady at $370-375/t CFR, with shredded workable at $360-365/t. On the west coast, EU-origin shredded was offered at $365/t CFR, while busheling stood at $375-377/t CFR amid limited buying interest.
Pakistan: The imported scrap market remained subdued, with multiple offers but little urgency from buyers. In Pakistan, nearly half of the 25 major importers stayed inactive, leaving only 10-12 buyers making selective purchases.
Daily buying volumes ranged between 500-1,500 t, with workable levels hovering near $380/t CFR Qasim, reflecting cautious sentiment and limited appetite for large bookings.
Bangladesh: Imported scrap market stayed slow as persistent rains and weak steel demand curbed buying activity. Mills resisted current offers, preferring to wait for softer prices before making fresh bookings.
Imported offers stood at $350/t CFR for HMS 90:10, $365/t CFR for shredded, and $342/t CFR for HMS 80:20 from Australia/New Zealand, while PNS from Hong Kong was at $380/t CFR. In the domestic market, local scrap was offered at BDT 46,000-47,000/t ($378-387/t).
Turkiye: Turkish deep-sea imported scrap prices stayed stable on July with US/Baltic-origin HMS 80:20 at $347-350/t CFR and EU-origin HMS 80:20 at $340/t CFR.
Market activity remained muted as mills and traders stayed on the sidelines, awaiting clearer direction. Weak rebar sentiment weighed on buying interest, keeping trade volumes limited.
Prices found stability despite the bearish tone as sellers resisted deeper cuts, while some participants anticipated a near-term uptick on expectations of seasonal restocking and limited premium cargo availability.
Price assessments
India: UK-origin shredded indicatives remained stable d-o-d at $364/t CFR Nhava Sheva.
Pakistan: UK-origin shredded indicatives prices edge down by $1/t d-o-d at $379/t CFR Qasim.
Bangladesh: UK-origin shredded prices edged up by $2/t d-o-d to $375/t CFR Chattogram.
Turkiye: US-origin HMS (80:20) bulk scrap prices remained stable d-o-d at $347/t CFR Turkiye.
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