- India scrap prices soften amid weak demand
- Pakistan scrap market stays stable
South Asia’s imported ferrous scrap market weakened amid cautious buying d-o-d. Pakistan’s scrap market remained stable, while weakness was reported in India and Bangladesh due to weak finished demand. Prices remained steady in Turkiye, with weak downstream steel sentiment limiting trade and keeping mills hesitant.
India: Imported ferrous scrap markets in India softened as traders noted that demand for shredded scrap fell if its premium over HMS 80:20 exceeded $20/t. Containerized shredded scrap traded at between $340-$350/t CFR Nhava Sheva, with offers slipping to around 350-355/t and bids easing to 340-345/t. Weak domestic steel demand kept buyers cautious, while HMS 80:20 hovered under $320/t.
Pakistan: Imported shredded scrap prices in Pakistan held steady between $355-$356/t CFR Qasim, with European and UK-origin material assessed close to $355/t. Market participants noted that prices of shredded scrap remained broadly unchanged from last week’s range of $354-$355/t, although current mill planning is closer to 350/t. Any upward push in offers could lift workable levels back above 355/t.
Prices of domestic billet hovered around PKR188,000/t ex-works, while rebar was assessed in the PKR 222,000-225,000/t ($786-796/t) ex-works range, reflecting a largely stable but cautious trading environment.
Bangladesh: The imported scrap market remained subdued as mills showed little buying interest, leading to softer pricing. Australian HMS 80:20 in containers was indicated near $330/t CFR, while shredded scrap prices remained higher at between $360-$365/t with limited trades reflecting ongoing caution and a restrained procurement approach from mills.
Turkiye: Deepsea imported scrap prices stayed steady d-o-d amid a quiet start to the week. Market views were divided, with some citing weak downstream demand and others pointing to firm trade supporting prices. US-origin HMS 80:20 was heard at between $353-$358/t, while European offers remained firm on higher collection costs near EUR 255/t ($296/t). Sliding rebar prices and weak export demand kept finished-steel buyers cautious.
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