- Indian buyers inactive amid ample domestic availability
- Turkiye offers up as US recyclers maintain bullish stance
South Asia’s imported scrap market presented a mixed trend today. India was largely absent. Pakistan showed cautious restocking. Bangladesh saw sluggish demand. Indian buyers remained on the sidelines, preferring domestic scrap, while suppliers diverted cargoes to Pakistan for better returns.
Pakistan’s market saw moderate procurement ahead of Ramadan, but price volatility kept sentiment cautious. Meanwhile, Bangladesh’s demand remained weak due to sluggish construction and falling rebar prices, though mills showed interest in select origins.
In Turkiye, imported scrap prices inched up as US recyclers held firm on higher offers, but Turkish mills resisted due to slow finished steel sales.
Shredded scrap offers edged up by $2-3/t in India and Bangladesh, but dipped by $1/t in Pakistan. US bulk HMS (80:20) offers to Turkiye rose by $2/t d-o-d.
Overview
India: Indian buyers remained silent in the imported scrap market, preferring ample domestic scrap at competitive prices. At the same time, suppliers showed little interest in offering to India due to low realizations, instead favouring Pakistan for better returns.
Shredded scrap offers from the UK/Europe and the US stood at $375-380/t CFR, but buyers remained absent at these levels. HMS (80:20) from the UK/Europe and West Africa was heard at $345-355/t CFR.
A trader noted, “India is out of the market unless safeguard duties are imposed. US suppliers are absent due to high freight and strong domestic demand, while UK/EU shredded at $385/t is unworkable in India, making Pakistan a more attractive destination.”
Pakistan: Pakistan’s imported scrap market saw moderate activity as some buyers restocked ahead of Ramadan, but overall sentiment remained cautious due to price fluctuations. UK-origin shredded scrap offers stood at $385-390/t CFR Qasim.
Local demand remained stable, with rebar prices at PKR 245,000-255,000/t and local scrap at PKR 140,000-145,000/t.
Bangladesh: Bangladesh’s imported scrap market remained sluggish as weak construction activity and declining rebar prices kept mills cautious. Buyers showed a preference for Japan, Malaysia, and Singapore-origin materials.
Offers for shredded scrap from Malaysia/Singapore stood at $375-380/t CFR, PNS at $385/t CFR, and Australian HMS (90:10) at $370-375/t CFR.
Despite slight optimism for restocking ahead of Ramadan, demand remained uncertain, with mills booking in low volumes. The local shipbreaking market remained moderate, and mills continued monitoring global price trends before making further commitments.
Turkiye: Turkiye’s imported scrap market edged higher as US recyclers maintained a bullish stance, backed by strong domestic scrap prices and new tariffs on steel and aluminum imports. US-origin bulk HMS (80:20) was assessed at $358/t CFR, up $2/t, with US sellers targeting $360/t CFR minimum. European and Baltic recyclers were relatively flexible due to weak domestic mill demand, offering HMS at $350-358/t CFR.
Turkish mills resisted higher prices, citing sluggish finished steel sales and weak demand for rebar. Amid rising scrap prices, mills struggled to attract buyers at increased rebar offers of $570-575/t FOB, leaving assessments steady at $563/t FOB. The market remained in a push-and-pull phase between sellers and cautious buyers.
Price assessments
India: UK-origin shredded indicatives were up by $2/t d-o-d at $375/t CFR Nhava Sheva.
Pakistan: UK-origin shredded indicatives were at $385/t CFR Qasim, down $1/t d-o-d.
Bangladesh: UK-origin shredded was assessed at $388/t CFR Chattogram, up by $3/t d-o-d.
Turkiye: US-origin HMS (80:20) bulk scrap edged up by $2/t d-o-d to $358/t CFR Turkiye.
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