- India, Bangladesh stay cautious despite softer imported scrap offers
- Market sentiment firm in Pakistan; Türkiye faces tight supplies
South Asian imported ferrous scrap trading activity remained subdued on 31 July as Indian and Bangladeshi mills stayed cautious despite softer offers, while Pakistan’s market remained firm. Meanwhile, Türkiye’s deep-sea scrap market held steady, supported by tight supply and stable buying interest despite the summer slowdown.
India: Imported ferrous scrap trading in India remained subdued as steel mills continued to adopt a wait-and-watch approach despite softer overseas offers. Containerised shredded scrap offers were heard at $385-395/t CFR Nhava Sheva, with some offers still above $400/t CFR, while tradable levels were indicated below these offers, around $375-376/t CFR, as mills showed little interest in concluding fresh bookings.
Pakistan: Imported ferrous scrap prices in Pakistan remained firm despite a slight correction in recent days. Workable HMS 80:20 levels were heard around $385/t CFR Port Qasim, while shredded scrap was indicated at $415-420/t CFR, easing to $410-415/t CFR in some deals. Buying interest remained steady, although mills continued to negotiate lower prices amid improving availability.
Bangladesh: Imported ferrous scrap trading activity in Bangladesh remained subdued as buyers continued to bid cautiously amid elevated offers. Bulk HMS prices were heard at $390-395/t CFR against buyer indications near $385/t CFR, restricting fresh bookings. US-origin HMS remained the most competitive at around $380/t CFR, while Singapore-origin HMS was offered near $400/t CFR. Japanese H2 and HS grades were quoted at $395-400/t CFR and $425/t CFR, respectively, with limited buying interest due to higher prices.
Turkiye: Imported deep-sea ferrous scrap prices remained stable d-o-d on 31 July as trading activity stayed muted amid the summer holiday slowdown. A deal between Galloo and Toscelik for HMS 80:20 was heard concluded at $368/t CFR Türkiye, while the broader market remained largely stable, with workable HMS 80:20 levels assessed at $375-380/t CFR.
Limited buying interest and tight margins kept fresh bookings scarce, although suppliers continued to resist price cuts amid tightening scrap collection during the summer months. Market participants remained watchful for fresh premium-origin bookings to gauge price direction, while marginal improvement in the domestic rebar market helped mills maintain stable buying levels.
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