South Asian imported ferrous scrap markets remain subdued

• Turkiye cautious as mills limit purchases, margins tight
• India’s scrap market muted amid Dussehra holiday

South Asia’s imported scrap markets remained quiet with muted buying amid holiday slowdown in India, weak demand in Bangladesh, and limited trades in Pakistan which kept sentiments subdued, while the Turkish market stayed cautious.

India: India’s imported scrap market remained subdued amid the Dussehra holiday, with buying activity largely absent as buyers resisted current offer levels. Offers for NTP were heard at $355-360/t and PNS at $360-362/t, mainly from Malaysia and Singapore, though interest stayed muted.

From Australia, HMS 80:20 was offered at $328-330/t and HMS 90:10 at $336-340/t. The last active bid for HMS was reported at $340-345/t CFR Kandla, compared with offers of $355-360/t for shredded-HMS mix cargo, reflecting the market’s ongoing dull sentiment.

Pakistan: The imported scrap market saw limited activity today, with EU/UK shredded scrap offered at $368-370/t CFR Qasim, while UAE-origin shredded was quoted higher at around $388/t, reflecting a $18-20/t premium.

Bangladesh: Bangladesh’s imported scrap market held largely steady, with Singapore PNS offered at $378/t against bids near $370/t, while Malaysia PNS saw buying interest at $370-372/t against offers closer to $380/t. Market sentiment stayed weak, as sluggish construction activity and stalled public projects continued to pressure mills.

Turkiye: Turkish deepsea scrap prices stabilised d-o-d, with offers for US/Baltic-origin HMS 80:20 reported at $346-350/t CFR and tradable values at $342-345/t. Sellers held back material on limited availability, supported by rising freight rates, while scrap companies awaited firmer levels.

Turkish mills remained cautious amid weak rebar sales and tight margins, reducing production and limiting cargo bookings, though some were still seeking shipments for late October despite unsustainable scrap-rebar spreads.

Price assessments

India: UK-origin shredded prices fell by $2/t at $356/t CFR Nhava Sheva compare to last closing day (friday).

Pakistan: UK-origin shredded indicatives prices fell by $1/t to $366/t CFR Qasim compare to friday.

Bangladesh: UK-origin shredded prices rise by $1/t at $371/t CFR Chattogram compare to last closing day (friday).

Turkiye: US-origin HMS 80:20 bulk prices at $348/t CFR Turkiye, up by $2/t compare to last closing day.