South Asia ferrous scrap markets on slow trend; Monsoon weighs on demand and buying activity

• India: Prices stable amid weak downstream demand
• Turkiye: Mills covered requirements, limiting fresh bookings

South Asia: Ferrous scrap markets remained subdued on 13  Aug, with cautious buying across India, Pakistan and Bangladesh. Turkiye also saw stable prices as mills had largely covered August requirements and limited fresh demand kept upward momentum in check.

India: Imported containerized shredded scrap prices remained unchanged d-o-d on 13 Aug amid a weak rupee and sluggish downstream demand. UK-origin shredded scrap was indicated at around $330/t, while hand-loaded material was heard at $340/t. UK-origin shredded scrap offers were also heard at $390-395/t CFR against indicative bids near $370/t.

Pakistan: Imported ferrous scrap trading remained slow, with some mills quoting around $420/t CFR after having already covered a good volume of requirements in July and showing little interest in fresh bookings. Fresh shredded material was offered at $414-416/t CFR, while buyers of domestic scrap remained cautious amid recent tax-related changes.

Bangladesh: Imported ferrous scrap trading remained subdued d-o-d, with buyers maintaining a cautious stance amid a persistent gap between offers and bids. UK-origin shredded scrap was offered at around $395/t CFR, while buyers were countering at $375/t CFR. No deal was concluded at these levels.

Australia- and South America-origin HMS 80:20 was bid at around $365/t CFR against offers of $380-385/t CFR. No fresh bookings were reported, although market participants expect some purchases to materialise soon. Meanwhile, local scrap prices were heard at BDT 49,000-52,000/t ($398-422/t).

Turkiye: Deep-sea ferrous scrap prices remained stable d-o-d, with US-origin HMS 80:20 workable at around $375/t CFR and European HMS 80:20 heard at around $370/t. Turkish rebar export prices also remained unchanged at $577.50/t FOB Turkey, while elevated freight costs continued to limit import buying interest.

Turkish mills have largely secured their August scrap requirements, leaving limited fresh demand in the deep-sea market. With major European suppliers also largely out of the market, buyers lack confidence to chase prices above current levels, while subdued mill demand is keeping upward price momentum limited.