- Indian buyers resist high offers amid dull steel demand
- Turkiye holds steady as mills eye cheaper Asian billets
South Asia’s imported scrap markets remained largely subdued this week, as seasonal disruptions, weak steel demand, and cautious buying sentiment continued to weigh on activity across the region. Monsoon rains, religious holidays, and limited downstream offtake kept mills in India, Pakistan, and Bangladesh on the sidelines, with buyers resisting high offer levels and showing preference for lower-cost or deferred shipments.
Meanwhile, Turkiye’s market held steady, but remained quiet amid weak finished steel sales and firm scrap offers from European and US recyclers.
Overall, sentiment across key markets reflected hesitation, with few triggers for near-term recovery.
Market overview
India: India’s imported scrap market remained subdued weighed down by weak steel demand, monsoon-related disruptions, and the availability of cheaper domestic scrap. Containerised shredded scrap was offered at $360-370/t CFR Nhava Sheva, but bids remained lower at $355-365/t, resulting in no confirmed deals. HMS 80:20 offers ranged from $335-345/t CFR across origins, though Indian buyers resisted higher prices, quoting $325-330/t for UK material.
Overall sentiment was sluggish, with limited trade activity as mills continued to hold back purchases amid tepid finished steel demand and the absence of fresh infrastructure-driven triggers.
Pakistan: Pakistan’s imported scrap market remained quiet as Muharram holidays and monsoon rains continued to hamper logistics and construction activity, keeping mill utilisation at 35-40%. UK/EU origin shredded scrap offers were heard at $372-375/t CFR Qasim.
Buyers stayed on the sidelines amid sluggish downstream demand and uncertainty over post-holiday recovery. Sentiment remained soft, with limited trade and ongoing evaluation of fiscal adjustments under the FY’26 budget dampening appetite for fresh bookings.
Bangladesh: Bangladesh’s imported scrap market stayed muted as ongoing monsoon disruptions and sluggish construction demand kept mills away from active bookings. Australian shredded scrap was offered at $370-375/t CFR, while HMS 80:20 lingered in the $350-355/t CFR range.
Turkiye: Turkish imported scrap market remained largely steady in the week, with limited trading activity as both buyers and sellers stayed sidelined amid unclear price direction. Mills showed reluctance to pay higher scrap prices, turning instead to competitively priced Asian billets amid sluggish rebar demand. Offers for bulk HMS 80:20 scrap was assessed at $345/t CFR Turkiye, unchanged d-o-d.
Despite soft buying interest, European and US recyclers held offer levels firm, supported by a stronger Euro. Market participants noted a lack of firm bids or offers, with tradable values broadly aligning in the $341-347/t CFR range for bulk cargoes.
Price assessments
India: UK-origin shredded indicatives were assessed at $360/t CFR Nhava Sheva, unchanged d-o-d.
Pakistan: UK-origin shredded indicatives stood at $373/t CFR Qasim, stable d-o-d.
Bangladesh: UK-origin shredded prices were assessed stable d-o-d at $367/t CFR Chattogram.
Turkiye: US-origin HMS (80:20) bulk scrap prices were assessed at $345/t CFR Turkiye, unchanged d-o-d.
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