- Turkish mills cautious, resist higher offers
- Heavy rains limit demand from Pakistan
South Asia’s imported scrap markets remained stable but sluggish, as weak finished steel demand and heavy rains curbed construction activity. Mills in India, Pakistan, and Bangladesh showed limited buying interest, while Turkiye’s market held largely stable with muted bookings.
Market overview
India: India’s imported scrap market was sluggish, with bids for containerised shredded at $360-365/t CFR Nhava Sheva. Demand remained weak, and construction activity was disrupted due to recent holidays, further weighing on finished steel demand and keeping mills cautious.
Pakistan: Pakistan’s imported scrap market remained quiet, as shredded offers held steady at $380/t CFR, with buyers showing limited interest. Market participants noted a cautious stance, while UAE-based suppliers refrained from aggressive offers. Heavy rains further disrupted construction and trading activity.
Bangladesh: The imported scrap market stayed muted, as mills showed little buying interest. Offers were heard with PNS at $372/t CFR, shredded at $370-374/t CFR from Australia, Hong Kong-origin PNS at $385/t, and Malaysian busheling at $390/t CFR.
Heavy rains continued to disrupt construction activity, while sluggish demand for finished steel products kept mills cautious, limiting their willingness to commit to fresh bookings.
Turkiye: Turkiye’s deep-sea import scrap market was stable, with tradable values for premium HMS 80:20 assessed at $345-348/t CFR. EU-origin HMS 80:20 was slightly lower at $342-344/t CFR, reflecting limited buying interest from mills. Market participants continued to describe conditions as steady.
Some suppliers attempted to raise offers, citing higher collection and freight costs alongside euro/US dollar fluctuations. However, these attempts were met with resistance, as mills remained cautious.
Demand for finished products, both domestically and in export markets, stayed weak, curbing appetite for fresh scrap bookings. A mill source noted that producers were in no rush to secure September cargoes and may extend their wait for clearer demand signals before re-entering the market.
Price assessments
India: UK-origin shredded indicatives remained stable d-o-d at $365/t CFR Nhava Sheva.
Pakistan: UK-origin shredded indicative prices edge down by $1/t at $380/t CFR Qasim compared to the previous day.
Bangladesh: UK-origin shredded prices edged up by $1/t d-o-d to $374/t CFR Chattogram.
Turkiye: US-origin HMS (80:20) bulk scrap prices were down by $1/t d-o-d at $346/t CFR Turkiye.
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