- Indian mills increasingly relied on domestic scrap supplies
- Heavy monsoon rains slowed steel market activity across Bangladesh and Pakistan
South Asian ferrous scrap markets remained largely subdued on 19 August d-o-d, with weak steel demand, monsoon disruptions and cautious mill buying weighing on activity. India, Pakistan and Bangladesh saw limited import interest, while Turkiye’s deep-sea market stayed range-bound amid firm supplier offers and elevated freight costs.
India: Imported containerised shredded scrap bid price remained at $375-380/t CFR Nhava Sheva on 19 Aug, while offers increased to $395-400/t. Demand remained subdued due to the unfavorable exchange rate, with no firm trades reported. Buyers continued to avoid inventory accumulation and long voyage commitments amid global trade and geopolitical uncertainty. Despite steady finished steel demand during the monsoon, mills are relying mainly on domestic pig iron and scrap, limiting imports. For containerised HMS 80:20, bids were heard at $310-315/t, while offers stood at $335-340/t CFR Nhava Sheva.
Pakistan: Imported shredded scrap market remained subdued, with weak steel demand, heavy monsoon rains, and sufficient mill inventories limiting buying interest. EU/UK shredded offers were heard at $415-420/t CFR Port Qasim, while workable bids stood around $410-412/t. BigMint assessed shredded scrap at $415/t CFR Port Qasim, unchanged, with domestic scrap was reported at PKR 142,000-145,000/t ($512-522/t), while billet stood at PKR 215,000-220,000/t ($775-793/t) and rebar at PKR 235,000-240,000/t ($847-865/t).
Bangladesh: Ferrous scrap market remained subdued, with weak steel demand, slow construction activity, and monsoon disruptions keeping mills cautious. Imported scrap prices generally strengthened, with European HMS 80:20 at $365-370/t CFR Chattogram and shredded scrap at $398-400/t, while Japanese H2 bulk offers were heard at around $378-382/t and US HMS 80:20 at $380-385/t. Domestic scrap was assessed at BDT 50,000-54,000/t ($409-442/t). Domestic rebar prices stood at BDT 83,000-84,000/t ($679-688/t) in Dhaka and BDT 87,000-88,000/t ($712-720/t) in Chattogram. Chattogram’s shipbreaking market improved, supported by stronger interest in specialised tanker and container vessels.
Turkiye: Deep-sea scrap market remained subdued, with mills cautious amid weak finished steel demand and relatively high import scrap prices. Some steelmakers raised domestic scrap purchase prices to secure raw materials locally, while limited billet availability also supported domestic procurement.
However, domestic buying failed to trigger renewed interest in deep-sea cargoes, as suppliers maintained firm offers on limited availability and elevated freight costs. The market remained largely range-bound, with BigMint assessing US HMS 80:20 at $375/t CFR Turkiye on 19 August. Two or three deals were heard: US-origin HMS 80:20 at $375/t CFR and Poland HMS 80:20 at $370-372.5/t CFR.
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