South Asia: Imported scrap markets struggle; Turkiye remains weak amid sluggish steel exports

• Indian scrap market remains quiet, buyers resist offers
• Bangladesh stays muted, following routine Sep bookings

South Asia’s imported scrap markets remained quiet, with India, Pakistan, and Bangladesh facing weak demand and price resistance. Meanwhile, Turkiye’s deep-sea scrap market softened further amid sluggish exports and rebar price weakness.

India: The imported scrap market remained quiet, with limited trades heard. Bulk HMS offers hovered at around $365/t CFR Kandla, but bids stayed lower at $345/t, reflecting buyers’ resistance.

UK-origin HMS 80:20 was offered at $330-335/t CFR, while bids were closer to $325/t, keeping negotiations sluggish, as suppliers resisted further price cuts.

Pakistan: Imported scrap trading in Pakistan’s Qasim market remained subdued this week. Shredded offers were seen at $372-375/t against bids of $366-368/t, while UAE-origin shredded was offered at $388-390/t, with bids at $382-383/t. HMS-PNS mix was discussed at $372-375/t CFR, and UAE-origin HMS hovered at around $365/t CFR.

In the domestic market, scrap was priced at PKR 141,000/t ($497/t), billets at PKR 200,000/t ($705/t), and rebars at PKR 230,000/t ($811/t). Dubai-origin HMS 361-363 was also on offer, though limited demand kept trading conditions quiet.

Bangladesh: Bangladesh’s imported scrap market stayed slow, as major buyers remained on the sidelines after completing routine September bookings. Offers for Australian shredded stood at $372-375/t CFR against bids of $365-366/t, keeping negotiations thin.

Turkiye: The Turkish deep-sea scrap market remained subdued d-o-d, with slow steel exports and weak domestic demand keeping activity quiet. Tradable values eased to around $340/t CFR, reflecting ongoing downward pressure at the start of the week.

Market sentiment stayed mixed, with limited deals and uncertainty. Traders remained cautious, watching for softening rebar prices amid weak demand from Turkish mills.

Price assessments

India: UK-origin shredded prices remained stable at $364/t CFR Nhava Sheva compared to previous day.

Pakistan: UK-origin shredded indicatives prices edge down by $1/t d-o-d at $371/t CFR Qasim.

Bangladesh: UK-origin shredded prices remains stable at $375/t CFR Chattogram compared to the previous day.

Turkiye: US-origin HMS (80:20) bulk scrap prices edge down by $1/t d-o-d at $342/t CFR Turkiye.