- Indian buyers resist offers, scrap demand stays weak
- Turkiye steady as mills resist higher scrap prices
South Asia’s imported scrap markets stayed sluggish, with India sidelined, Pakistan facing weak demand despite $380/t shredded, and Bangladesh subdued due rain and low steel sales. Turkiye held sideways at $345-348/t CFR amid muted rebar demand.
Market overview
India: India’s imported scrap market stayed sluggish today, with buyers resisting current offer levels. Shredded was indicated at $370-375/t CFR Kandla from suppliers, while bids hovered lower at $355-360/t.
Australian shredded cargoes, facing higher freight, were largely diverted to Indonesia, while Chennai indications stood at $365-370/t against bids of $360/t. Turnings and HMS were workable at $320-335/t CFR Chennai, but Indian buyers showed little appetite.
Pakistan’s removal of duty on HMS has shifted momentum, with strong buying interest there pulling material away from India. Market levels included New Zealand HMS 90:10 at $350/t CFR and Hong Kong AB bundles at $338/t CFR.
Pakistan: Pakistan’s imported scrap market showed little activity today, with freight costs nearly double compared to rivals, discouraging suppliers from concluding deals. Domestic capacity utilisation remained low at 35-40%, keeping demand muted. Rain and floods in several districts further weighed on end-user demand
Shredded scrap offers held at $380/t CFR, with limited room for $1-2/t discounts on EU material. HMS was quoted at $350-355/t from Europe and $370/t from Dubai, while Middle East cargoes were also seen diverting to Pakistan.
Bangladesh: Bangladesh’s imported scrap market stayed subdued, with heavy monsoon rains and weak steel demand limiting mill activity. Offers stood at $340-345/t CFR for Australian HMS and around $370/t CFR for shredded, but buying interest remained thin.
Turkiye: Turkish deep-sea scrap import prices held sideways, with tradable levels for US and Baltic-origin HMS 80:20 at $345-348/t CFR. Mills resisted paying $350/t, keeping negotiations within a narrow band.
Market sentiment stayed weak as tepid steel demand offered little support. With no signs of stronger rebar sales, buyers showed limited urgency to book fresh tonnage, keeping the outlook flat in the near term.
Price assessments
India: UK-origin shredded indicatives remain stable at $365/t CFR Nhava Sheva d-o-d
Pakistan: UK-origin shredded indicative prices remain stable at $380/t CFR Qasim compared to the the last closing day.
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 up by $1/t d-o-d at $346/t CFR Turkiye.
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