South Asia: Imported scrap markets remain muted; India quiet during Dussehra

• Turkiye: Mills largely full, buying activity remains subdued
• Pakistan: Buyers silent, no fresh scrap transactions reported

South Asia’s imported scrap markets remained largely quiet, with India and Pakistan subdued amid holidays and weak demand, Bangladesh stable on limited buying, while Turkiye awaited clarity on US prime settlements.

India: India’s imported scrap market stayed quiet this week as most buyers remained inactive amid Dussehra holidays and sluggish finished steel demand. Offers were reported at $354-356/t for UK and EU shredded, $355-360/t for US shredded, and around $342/t for US HMS 80:20, while domestic participants noted no major trades from their side.

Pakistan: Imported scrap market remained quiet today, with buyers staying silent and no fresh activities reported. Shredded scrap offers hovered at $366-370/t CFR Qasim, while UAE shredded was quoted higher at $380-382/t.

On the finished steel side, rebar traded at PKR 228,000-230,000/t ($806-813/t), billet at PKR 198,000-200,000/t ($700-707/t), and bala at PKR 186,000-188,000/t ($657-664/t).

Bangladesh: Bangladesh’s imported scrap market remained stable, with PNS from Singapore offered at $378/t against bids near $370/t, while buyers sought Malaysia PNS at $370-372/t versus offers at $380/t. Local scrap was reported at BDT 42,000-45,000/t ($345-370/t), but overall finished steel demand stayed weak due to the absence of new government projects.

Turkiye: Deep-sea scrap import market held steady d-o-d with US-origin HMS 80:20 offers were heard at $350/t CFR as mills were reported to have nearly completed October procurement. A participant noted that mills are no longer aggressive in buying, with many buyers stepping back to the sidelines after a wave of deals in recent weeks.

Some participants anticipated a slight upward adjustment in prices, though focus remained on upcoming US high quality scrap settlements for October, expected to come in lower than September.

Price assessments

India: UK-origin shredded prices remians stable to $358/t CFR Nhava Sheva compared to the previous day.

Pakistan: UK-origin shredded indicatives prices rise by $1/t d-o-d to $367/t CFR Qasim.

Bangladesh: UK-origin shredded prices remained stable d-o-d at $371/t CFR Chattogram.

Turkiye: US-origin HMS 80:20 bulk prices stood at $346/t CFR Turkiye, rising by $2/t d-o-d.