- USD appreciation makes offers to India unworkable
- Pakistan sees slow scrap trades, shredded slips $5/t
South Asia’s imported scrap markets remained subdued, with weak demand, currency pressures, and weather disruptions impacting key regions such as India. Meanwhile, Turkiye saw softer prices amid increased European cargo availability.
India: Imported scrap offers in India stood at around $365/t CFR for UK/EU shredded and $335/t CFR for HMS 80:20. However, buyers said these levels were unworkable following the recent USD appreciation, which kept India’s imported scrap market under pressure.
Heavy rains disrupted operations in the northern market, weighing heavily on the steel industry. Chennai-based participants pointed to weak sentiment, with production estimated to be down nearly 30%.
Pakistan: The imported scrap market in Pakistan remained sluggish, with limited participation from major buyers. Domestic scrap prices also softened, tracking weak sentiment and slow movement across the market.
A deal was concluded today for 500 t of UK/EU shredded at $372/t CFR Qasim, with workable levels down from $377/t two weeks earlier. Shredded was traded in the range of $372-375/t depending on quality, reflecting a gradual decline.
Bangladesh: Bangladesh’s imported scrap market stayed sluggish as wide bid-offer gaps curbed activity, with Australian shredded offered at $380/t CFR Chattogram against bids of $370/t.
Turkiye: Turkish imported scrap prices slipped d-o-d, as sentiment stayed weak. Tradable values for US/Baltic-origin HMS 80:20 were at $342-345/t CFR, while EU-origin cargoes were pegged lower at $335/t CFR.
Amid limited material availability, US-based sellers held offers firm, while European suppliers offered cargoes at softer levels, which led to the overall price correction. Market participants also noted caution ahead of the Turkish Central Bank’s upcoming monetary policy decision in early September.
Price assessments
India: UK-origin shredded prices rose by $1/t to $365/t CFR Nhava Sheva compared to the last closing on Friday.
Pakistan: UK-origin shredded indicatives dropped by $5/t to $374/t CFR Qasim compared to Friday.
Bangladesh: UK-origin shredded prices remained stable at $374/t CFR Chattogram against Friday.
Turkiye: US-origin HMS (80:20) bulk scrap prices edged down by $1/t to $344/t CFR Turkiye compared to the last closing on Friday.
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