- Pakistan sees limited trades, mills inactive
- Bangladesh mills well-stocked, procure less
The South Asian imported scrap market remained sluggish amid Eid al-Adha holidays, weak steel demand, and logistical constraints. Prices dipped in India and Pakistan, held steady in Bangladesh, while Turkiye saw softer bulk scrap offers and limited mill activity.
Market overview
India: The imported scrap market stayed under pressure amid sluggish finished steel demand and growing preference for more cost-effective substitutes like domestic sponge iron and Iranian HBI. With the monsoon season approaching, buyers remained cautious, leading to limited trade activity. Overall, weak fundamentals on both the supply and demand sides kept market participation and volumes low.
Pakistan: Pakistan’s imported scrap market remained sluggish today, with limited trade activity amid weak finished steel demand and the approaching Eid al-Adha holidays. Buyers remained cautious, delaying bookings in anticipation of potential price corrections post-holiday.
Fresh offers included UAE-origin fabrication scrap at $387/t CFR for 500-1,000-t lots, sheared HMS at $365/t CFR with 21 free days, and shredded scrap at $390/t CFR. Sentiment remains muted with minimal interest in new deals.
Bangladesh: Bangladesh’s imported scrap market stayed quiet as mills held back from fresh bulk bookings, having already secured sufficient volumes earlier. Buying interest was further dampened by the approaching Eid holidays, persistent LC issues, unfavourable weather, and elevated freight rates, keeping overall sentiment subdued.
Turkiye: The imported scrap market here softened slightly as mills stayed out of the deep-sea market, aiming to push prices lower amid sluggish finished steel sales. Recent offers were heard at $350-354/t CFR for US-origin HMS 80:20 and $345/t CFR for EU-origin material. Mills are facing difficulty selling finished products, prompting a cautious approach to raw material procurement.
With the Eid al-Adha holidays approaching (6-10 June), market activity is expected to remain subdued. European collection prices are stable at EUR 265/t, and overall sentiment is steady. However, participants anticipate limited trading until after the holiday, when clearer pricing direction may emerge depending on post-holiday finished steel demand and scrap supply trends.
Price assessments
India: UK-origin shredded indicatives were assessed at $365/t CFR Nhava Sheva, stable compared to the last closing day.
Pakistan: UK-origin shredded indicatives stood at $380/t CFR Qasim, remains stable d-o-d.
Bangladesh: UK-origin shredded prices were assessed at $377/t CFR Chattogram, unchanged in comparison last closing day.
Turkiye: US-origin HMS (80:20) bulk scrap prices were assessed at $345/t CFR Turkiye, up by $1/t d-o-d.
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