- India: Weak demand, abundant domestic scrap limit imports
- Pakistan: Market muted, bids below supplier expectations
South Asia’s imported scrap market stayed subdued amid weak steel demand, liquidity issues, and holidays, keeping trading limited and prices largely stable across India, Pakistan, Bangladesh, and Turkiye.
India: Imported ferrous scrap market remained subdued, with limited spot activity and low buying interest. Indicative offers were around $340-345/t for shredded and $325-330/t for HMS 80:20, while bids for containerized shredded scrap were heard at $340-350/t.
Market participants cited weak finished steel demand and sluggish construction activity as key factors limiting trade. Abundant domestic scrap availability further dampened import appetite, with one trader noting that “a lot of scrap is available in domestic storage; no one is desperate to buy.”
Pakistan: Imported scrap market remained muted, with UK/EU-origin shredded scrap heard at $356-360/t CFR and HMS around $340-345/t. Bids for UK-origin shredded were reported at $350-355/t CFR, while European suppliers held firm near $360/t. Offers from the UAE were limited, with some exporters quoting $375-380/t for shredded and $355-360/t CFR for HMS/PNS mixed cargoes.
Bangladesh: Imported scrap market stayed quiet as mills remained cautious amid weak steel demand and liquidity issues. Offers for Australia and New Zealand shredded scrap were at $365-370/t CFR Chattogram, but buying interest stayed below $360/t. Domestically, scrap traded at BDT 45,000-48,000/t ($368-393/t) ex-Chattogram, while rebar was around BDT 74,000-78,000/t ($605-638/t).
Turkiye: Deep-sea imported scrap prices stayed stable d-o-d, with market activity muted due to Republic Day holidays. Most buyers remained inactive, with mills having already covered their near-term needs. Tradable values for US/Baltic-origin HMS 80:20 were heard at $350-353/t CFR, while EU-origin cargoes were reported at $340-345/t CFR, reflecting limited market movement.
Global sentiment improved after the US Fed cut rates to 3.75-4.00%, but it had little impact on Turkiye’s scrap market amid weak demand and Republic Day holidays.
Price assessments (d-o-d)
India: UK-origin shredded prices stable d-o-d to $351/t CFR Nhava Sheva.
Pakistan: UK-origin shredded prices remained stable d-o-d to $355/t CFR Qasim.
Bangladesh: UK-origin shredded prices stable to $365/t CFR compared to the previous day.
Turkiye: US-origin HMS 80:20 bulk prices were at $351/t CFR Turkiye, stable d-o-d.
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