- Turkiye prices rise on bullish sentiment, rebar support
- Bangladesh sees increased appetite for premium grades
South Asia’s imported scrap markets experienced a mild upward momentum across India, Pakistan, and Bangladesh, reflecting renewed interest and improving sentiments. India’s market showed signs of recovery, while Pakistan remained cautious. Bangladesh continued to lead with a firm demand for premium grades. Turkiye saw stronger gains, supported by bullish sentiment, and improved overseas fundamentals.
Overview
India: India’s imported scrap market is showing signs of recovery, with renewed buyer interest and rising offers, particularly from Europe. Shredded scrap offers have touched $390/t CFR levels, while buyer inquiries are emerging at around $385/t, reflecting a $3-5/t upward trend and signalling a potential shift from the prolonged wait-and-watch stance.
A recent deal of 1,000-1,500 tonnes (t) of UK/European-origin shredded scrap was reportedly concluded at $385/t CFR Nhava Sheva/Mundra, indicating improving sentiment in the Indian market. While the market is relatively steady as of now, buyers remain price-sensitive.
Some buyers are actively seeking shredded material at closer to $375/t, but are receiving offers at $385/t but not many bookings have been made.
Pakistan: Pakistan’s imported scrap market remained subdued with minimal buying activity seen. While overall sentiment is showing slight improvement ahead of the summer season, demand remains generally weak due to tight liquidity and a lack of major infrastructure or government-led projects.
During Ramadan, construction activity rises as contractors rush to finish projects before labourers go on holiday. However, this demand boost is short-lived, while local scrap supply stays tight due to low imports and shipping delays.
Bangladesh: Bangladesh’s imported scrap market remained moderate d-o-d, with a few deals from the nearshore region with improving sentiments from Dhaka-based buyers and a firm interest in premium cargoes.
A fresh deal of 1,000 t was heard of Hong Kong-origin PNS scrap following last week’s reported bulk trade of 10,000 t of HMS 80:20, including PNS and heavy bundle, at $374/t CFR Singapore.
According to market participants, the heavy bundle material was sold, with pricing coming in at a premium, indicating stronger demand and value perception for cleaner scrap grades. Market participants are closely watching for further price firming, especially as domestic steel demand holds steady despite broader economic headwinds.
Turkiye: Turkiye’s imported scrap market saw a slight uptick, driven by firm sell-side sentiment, bullish US trends, and a stronger EUR/USD exchange rate. Recovering domestic rebar demand further supported mill’s willingness to accept higher prices.
Baltic and US-origin HMS 80:20 was assessed at $380-382/t CFR, while EU-origin material was workable at around $375/t CFR. Premium cargoes are now expected to exceed $384-385/t CFR.
Price assessments
India: UK-origin shredded indicatives were assessed at $384/t CFR Nhava Sheva, up by $1/t d-o-d.
Pakistan: UK-origin shredded indicatives stood at $388/t CFR Qasim, up by $1/t compared to the previous day.
Bangladesh: UK-origin shredded indicatives stood at $391/t CFR Chattogram, up by $1/t d-o-d.
Turkiye: US-origin HMS (80:20) bulk scrap prices were assessed at $381/t CFR Turkiye, up by $5/t compared to the previous day.
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