- Indian, Bangladeshi mills remain cautious about imports
- Turkish scrap prices stable, market awaiting Central Bank cues
South Asian scrap markets stayed slow, with subdued buying in India, Pakistan, and Bangladesh due to weak steel demand, monsoon disruptions, and selective mill activity. Turkish deep-sea scrap also remained sideways, awaiting clearer price signals and Central Bank cues.
Market overview
India: India’s imported scrap market remained slow, with limited buying activity observed across major origins. Africa-origin HMS 80:20 sold at $345/t CFR Mundra with ICD loading expected to add $8-10/t.
The market is very selective, as domestic scrap and sponge prices continue to influence buying decisions. Malaysian HMS bales were assessed at $330/t CFR Chennai, reflecting pressure on the import market as mills remain cautious on both HMS and shredded scrap.
Australian scrap offers held steady, with shredded at $360-365/t and HMS 80:20 at $335-340/t.
Pakistan: The imported scrap market stayed quiet, with plenty of offers but minimal buying interest. In Pakistan, around half of importers remained inactive, Prices held around $380/t CFR Qasim, reflecting cautious sentiment and limited appetite for bulk bookings.
Bangladesh: The imported scrap market showed limited activity, as persistent monsoon rains and subdued steel demand restrained mill buying. Most buyers remained cautious, holding off on fresh bookings.
Offers for imported scrap varied by origin and grade: HMS 90:10 at $350/t CFR, shredded at $365/t CFR, and HMS 80:20 from Australia and New Zealand at $342/t CFR.
Turkiye: Turkish deep-sea import scrap prices continued to move sideways with US/Baltic-origin HMS 80:20 at $345-350/t CFR and EU-origin HMS 80:20 at $340/t CFR, reflecting weakening rebar fundamentals. The market has been steady for about last months and with finished product prices not picking up.
Some market participants expect limited near-term movement, while others are awaiting clearer signals. Attention is on the Central Bank’s upcoming MPC meeting in September, which could provide direction for prices in the short term.
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 up by $1/t d-o-d at $380/t CFR Qasim.
Bangladesh: UK-origin shredded prices edged down by $1/t d-o-d to $374/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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