- India market cautious amid year-end, safeguard duty impact
- Turkiye offers firm as lira weakens amid steady scrap demand
South Asia’s imported scrap markets remained muted due to Ramadan, fiscal year-end settlements, and cautious buyer sentiment. In India, limited deals were seen as buyers resisted high offers despite improved sentiment post-safeguard duty announcement. Pakistan’s market faced weak demand and liquidity constraints, with mills operating at reduced capacity. Bangladesh saw minimal interest in UK/Europe-origin scrap, with buyers preferring nearshore suppliers.
Meanwhile, Turkiye’s market stayed stable, with mills focused on finished product demand despite lira volatility and political unrest. Rising global scrap offers and freight costs added pressure, but expectations of post-Ramadan demand recovery kept market participants watchful.
UK-origin shredded scrap offers remained unchanged in India, while edging down by $1/t in Pakistan and Bangladesh. US-origin bulk HMS 80:20 offers to Turkiye remained unchanged d-o-d.
Overview
India: India’s imported scrap market remained slow as buyers held back due to sufficient inventories in hand and in pipeline as well as fiscal year-end settlements. However, sentiment improved after the safeguard duty announcement, with expectations of a demand recovery in April-May.
Shredded scrap deals were limited, with buyers resisting high offers, though some transactions were concluded at $385/t CFR. PNS scrap saw bid-offer mismatches, with buyers at $375/t CFR and suppliers at $390/t CFR. Busheling scrap faced similar resistance, with bids at $380-385/t CFR against offers at $400/t CFR from the UK.
HMS 80:20 remained unviable, with UK/Europe offers at $355-360/t CFR, while buyers sought $345-350/t CFR.
Rising global offers, especially from Europe, hinted at a potential shift, but buyers remained price-sensitive. The US tariff impact and global shortages further pushed up offers, slowing bookings as domestic scrap remained a preferred choice
Pakistan: Pakistan’s imported scrap market remained sluggish as Ramadan slowed industrial activity, with mills running at reduced capacity. UK/EU-origin shredded scrap offers stood at $385-390/t CFR Qasim, but buyers were unwilling to go beyond $385-388/t. UAE shredded was quoted at $390-395/t CFR, though bids remained scarce. Liquidity challenges, weak steel demand, and local scrap availability kept sentiment cautious.
While some demand persisted, major buyers stayed on the sidelines, awaiting post-Eid recovery. Rising freight costs and currency volatility added uncertainty, while global market trends, particularly in Turkiye, influenced sentiment. Traders anticipate improved demand in April-May, but falling rebar prices may continue pressuring mill margins.
Bangladesh: Bangladesh’s imported scrap market remained slow as Ramadan slowed activity and buyers resisted high offers. Interest in UK/Europe-origin material was low, with buyers preferring nearshore suppliers like Australia, Hong Kong, and Singapore. Australian shredded was offered at $380-385/t CFR Chattogram, while HMS 90:10 stood at $365-367/t CFR. Market participants expect activity to pick up post-Ramadan, with demand improving in April-May.
Turkiye: Turkiye’s imported scrap market remained stable as buyers took a wait-and-see approach amid the weakening lira and political unrest. A US-origin deal was concluded at $381/t CFR for HMS 80:20 and $401/t CFR for shredded/bonus scrap, with prices considered repeatable.
Market participants pegged US-origin HMS 80:20 at $380-385/t CFR, though buyers sought lower bids at $375/t CFR, which sellers resisted.
European sellers targeted $380-385/t CFR, while US-origin offers were heard at $385-390/t CFR.
Scrap collection costs in Benelux stayed firm at Euro 305-315/t delivered to docks, expected to rise further. Despite lira volatility, mills remained focused on demand for finished products, with stable construction sector support.
Price assessments
India: UK-origin shredded indicatives were assessed at $385/t CFR Nhava Sheva, unchanged d-o-d.
Pakistan: UK-origin shredded indicatives stood at $388/t CFR Qasim, down by $1/t compared to the previous day.
Bangladesh: UK-origin shredded indicatives stood at $390/t CFR Chattogram, down by $1/t d-o-d.
Turkiye: US-origin HMS (80:20) bulk scrap prices were assessed at $381/t CFR Turkiye, unchanged compared to the previous day.
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