- Bangladeshi buyers reduce bids by $10/t w-o-w on weak steel demand
- Pakistan’s shredded scrap prices strengthen on steady mill procurement
South Asian imported ferrous scrap markets showed mixed trends d-o-d on 22 July 2026, with India and Bangladesh remaining subdued amid weak steel demand, while Pakistan strengthened on steady buying. Meanwhile, Turkiye’s deep-sea scrap market edged higher as improved rebar sentiment supported fresh mill inquiries.
India: Imported ferrous scrap trading in India remained subdued as weak finished steel demand and ample domestic scrap availability continued to weigh on buying interest. UK-origin shredded was offered at $390-395/t CFR, while US-origin shredded was heard at $395-400/t CFR. HMS offers stood at $335-340/t CFR against buyers’ bids of $325-330/t CFR. Meanwhile, Australia-origin HMS was indicated at around $320/t CFR Chennai and shredded at $360-365/t CFR Chennai, with mills continuing to procure only against immediate production requirements.
Pakistan: Imported shredded scrap prices in Pakistan strengthened, supported by steady mill demand. UK-origin shredded scrap was sold at $405/t CFR Qasim, indicating firm buyer acceptance. Meanwhile, good-quality domestic scrap was heard at PKR 150,000-153,000/t, while rebar prices remained stable at around PKR 243,000-245,000/t.
Bangladesh: The imported ferrous scrap market remained subdued, with trading activity limited as buyers reduced bid levels by around $10/t from the previous week amid weak finished steel demand. However, a 2,000 t Australia-origin HMS 90:10 cargo was heard sold at $368/t CFR Chattogram, indicating buying interest at lower workable levels.
Australia-origin HMS 80:20 was offered at $355/t CFR against bids of $330/t CFR, while shredded was heard at $370/t CFR. Australia/US-origin HMS 90:10 was indicated at around $380/t CFR, while Philippines/Malaysia-origin GI bundles were offered at $328/t CFR against bids of $320/t CFR.
Turkiye: Deep-sea ferrous scrap prices in Turkiye edged higher as mills resumed buying after a modest recovery in domestic rebar prices. A US-origin HMS 80:20 deal was concluded at $375/t CFR, supported by stronger freights and improved seller sentiment.
However, overall trading activity remained limited, with participants divided over the market’s near-term direction amid weak liquidity. Alongside the $375/t CFR HMS 80:20 deal to Turkiye from the US, a Europe-origin HMS 80:20 cargo was heard at $368/t CFR, while UK-origin HMS 75:25 was offered to Turkiye at $355/t CFR. Market participants are now awaiting fresh US-origin bookings to gauge whether the recent improvement in rebar prices and scrap demand can be sustained through Q3.
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