- India, Pakistan and Bangladesh saw cautious buying.
- Turkiye remained stable amid supply disruptions.
South Asian ferrous scrap markets remained subdued, with cautious buying and wide bid-offer gaps across India, Pakistan and Bangladesh. Türkiye stayed stable, while Black Sea disruptions and limited vessel availability provided potential support to scrap prices.
India: Imported containerized shredded scrap prices remained subdued amid limited buying activity, with no firm offers, bids or trades heard. Monsoon conditions and an unfavourable exchange rate continued to weigh on import viability, although demand could improve next week as other steelmaking raw material prices rise.
A 1,000-t cargo of HMS 60:40 was booked at $303/t CFR Chennai, while Singapore-origin NTP was offered at $393-400/t and Costa Rican material at $365/t. Mozambique-origin HMS 80:20 offers were heard at $345-350/t.
Pakistan: Imported ferrous scrap market remained quiet d-o-d, as mills had largely covered their July requirements and showed limited interest in fresh bookings. Shredded scrap was offered at $414-416/t CFR, while some mills indicated buying levels around $420/t CFR. Domestic scrap demand remained cautious amid recent tax-related changes.
Bangladesh: Imported ferrous scrap market remained subdued d-o-d, with a wide bid-offer gap limiting fresh bookings. UK shredded was offered at around $395/t CFR against bids near $375/t, while HMS 80:20 was bid at $365/t versus offers of $380-385/t.
Turkiye: Deep-sea ferrous scrap prices remained stable during the week, with US-origin HMS 80:20 workable at around $375/t CFR and EU-origin material near $370/t. However, sentiment remained mixed amid subdued market activity.
Logistical disruptions in the Black Sea, with slab, pig iron and billet deliveries delayed and limited vessel availability, could tighten supply of competitive scrap alternatives. While weak demand may cap gains, these constraints are expected to provide support to scrap prices.
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