- Indian buyers prefer cheap domestic scrap, sponge iron
- Turkish scrap market steady, buyers resist higher offers
The South Asian and Turkish imported scrap markets remained largely range-bound, weighed down by seasonal slowdowns, weak steel demand, and geopolitical uncertainties. In India, monsoon disruptions and cheaper domestic alternatives curbed appetite for imported scrap, while Pakistan’s buyers awaited clarity on fiscal policies before committing to fresh bookings. Bangladesh saw limited activity post-Eid, with mills deferring purchases amid tepid construction demand.
Meanwhile, Turkiye’s market held steady, with buyers resisting higher offers amid abundant billet supply and soft rebar demand.
Across all regions, sentiment stayed cautious, with most participants adopting a wait-and-watch approach heading into July.
Market overview
India: India’s imported scrap market stayed quiet as seasonal monsoon disruptions, weak steel demand, and the availability of cheaper domestic alternatives such as sponge iron kept buying interest low. Shredded offers were heard at $360-365/t CFR Nhava Sheva, but most bids lagged at $355-360/t, resulting in limited trade.
Both buyers and sellers remained cautious, awaiting clearer market signals. Geopolitical uncertainties impacting Iranian HBI shipments and subdued finished steel sales added to the sluggish tone. With domestic scrap remaining more economical and rebar prices holding steady at lower levels, trading activity is expected to remain subdued through July.
Pakistan: Pakistan’s imported scrap market remained moderate, with limited inquiries from buyers. Shredded offers from the UK/EU stayed firm at $370-375/t CFR Qasim, while UAE-origin material was quoted slightly higher at $385/t. Offers for HMS 80:20 from the UAE ranged between $360-365/t, with HMS 1 heard at up to $368/t CFR.
A few containerised shredded deals were reported in the $372-375/t CFR range, though overall buying activity remained subdued.
Market participants are awaiting clarity on fiscal measures and upcoming tax policies, which are expected to shape buying sentiment in the coming weeks.
Bangladesh: Bangladesh’s imported scrap market remained sluggish amid monsoon-related construction delays, off-season lull, and cautious sentiment post-Eid. Mills operated below capacity, showing limited appetite for near-term cargoes and shifting focus to August-September arrivals.
Two recent US West Coast bulk deals for HMS were booked at $346-350/t CFR, with shredded and bonus grades at up to $360/t, reflecting stable but uninspiring buying.
Containerised shredded offers held at $370-375/t CFR, while bids stayed capped at $360-365/t.
Traders noted minimal booking activity, stagnant rebar sales, and cost pressures due to recent budget and tax policy changes, keeping market tone soft. Buyers expect possible price corrections if construction activity fails to rebound.
Turkiye: The Turkish imported scrap market remained stable, with buyers largely inactive amid weak rebar demand and ample Asian billet availability. Offers for HMS 80:20 scrap were assessed at $345/t CFR, unchanged d-o-d. Mills showed resistance to higher scrap tags, favouring competitively priced billets from Asia instead.
Although US and Eurozone sellers targeted higher offers — supported by a stronger euro and firm US domestic market — actual trading activity was limited. Bids hovered at around $338-340/t CFR, below seller expectations.
While recyclers flagged tighter supply and slower summer collection, Turkish mills were expected to shift focus to August shipments soon, signalling cautious yet imminent buying interest.
Price assessments
India: UK-origin shredded indicatives were assessed at $360/t CFR Nhava Sheva, stable in comparison with the last close on Friday.
Pakistan: UK-origin shredded indicatives stood at $373/t CFR Qasim, unchanged compared to the last close on Friday.
Bangladesh: UK-origin shredded prices were assessed at $368/t CFR Chattogram, unchanged compared to the last close on Friday.
Turkiye: US-origin HMS (80:20) bulk scrap prices were assessed at $345/t CFR Turkiye, unchanged in comparison with the last close on Friday.
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