- India: Offers remained above cautious buyer bids
- Pakistan: Trading stayed quiet with no fresh deals
South Asia’s ferrous scrap markets remained subdued on 10 August, with cautious buying across India, Pakistan and Bangladesh, while Türkiye stayed stable as tight European supply and high freight costs supported prices.
India: Imported ferrous scrap buying in India remained subdued d-o-d on 10 Aug, with bids staying below prevailing offer levels despite an improving demand outlook. West Africa-origin HMS 80:20 was offered at $340/t C&F Mundra (CAD), although no deal was concluded, while UK-origin shredded scrap was heard around $390/t CFR.
Pakistan: Imported ferrous scrap trading in Pakistan remained quiet d-o-d, with no fresh trades reported despite UK-origin shredded scrap offers around $415/t CFR Qasim against buyer bids at $410-412/t. Malaysia-origin HMS bundles were offered at around $350/t CFR, while market participants reported subdued activity across the market.
Bangladesh: Bangladesh’s imported ferrous scrap market remained under pressure as mills continued cautious procurement amid weak steel demand. Australia/New Zealand-origin HMS 90:10 offers fell to $365/t CFR Chattogram from $375/t previously, against bids near $360/t. UK shredded was heard at around $395/t, while HMS 80:20 offers stood at $375-380/t CFR. Sentiment was further weighed by the Kanto tender.
Turkiye: Imported deep-sea ferrous scrap prices remained largely stable d-o-d, with US-origin HMS 80:20 heard at $375-376/t CFR. Trading activity was subdued as Turkish mills stayed cautious amid weak finished steel demand and limited firm bids and offers. However, tight European scrap availability and elevated freight costs continued to support sellers’ price expectations, limiting downside in the market.
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