- Turkiye: Rangebound prices amid weak demand and summer slowdown
- Pakistan: Inactive market as buyers resisted higher offers
South Asian imported scrap markets showed mixed trends, with India firming on stronger domestic prices, while Pakistan and Bangladesh remained largely stable. Meanwhile, Turkiye’s deep-sea scrap market stayed rangebound amid subdued demand and the seasonal slowdown.
India: Imported containerized scrap market showed a firmer tone d-o-d, supported by positive trends in domestic scrap prices and expectations of stronger demand as the monsoon season nears its end and the festive period begins. Offers were heard at $425/t for UK shredded and $435/t for US shredded, while UK HMS with 1% impurities was offered at $345-350/t and 3% impurities at $335/t. African HMS was heard at around $350/t, while HMS with a cast iron mix was offered at $355/t. On the west coast, HMS with 1% impurities was indicated at around $340-345/t CFR India.
However, monsoon-related slowdown kept buying enquiries balanced, limiting further price gains. Yard material was heard at around $350/t on draft BL, requiring selling levels near $362/t after traders’ margins of $10-12/t. However, buyers remained closer to $340-345/t, and the wide bid-offer gap continued to restrict deal-making despite improving sentiment and expectations of stronger post-monsoon demand. Taking current freight ($1450-1500/20ft) to roughly $1,850/20-ft container.
Pakistan: Imported shredded scrap market remained largely inactive, with premium yard offers heard at $418-422/t, while open-yard material was offered around $415/t and yard material at $425/t. Mill-side buying interest was limited to $410-413/t, while trade-level interest was around $415/t. However, no deals were reported amid the gap between supplier expectations and buyer bids.
Bangladesh: Imported scrap market remained stable, with Japanese H2 heard at $385/t, although market participants considered the level relatively expensive, partly due to the weaker yen. Australian bulk scrap was indicated at around $380/t, while UK shredded and HMS were heard at $405/t and $370/t, respectively.
Turkiye: Deep-sea imported scrap prices remained stable on 24 August after easing slightly towards the end of the previous week. HMS 80:20 was assessed at around $375/t CFR, down $1/t w-o-w, with an EU-origin cargo booked at $369/t CFR. Market sentiment remained mixed amid the summer slowdown, although higher Turkish rebar export offers of $580-595/t FOB provided some support to scrap prices.
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