- Bangladesh scrap market muted amid rains, weak demand
- Turkiye steady, mills delay fresh scrap bookings
South Asia’s imported scrap markets stayed sluggish amid weak steel demand and heavy rains, with limited trades in India, Pakistan, and Bangladesh, while Turkiye’s market remained stable as mills held back from fresh bookings.
Market overview
India: India’s imported scrap market remained sluggish today with limited buying interest. Shredded scrap from the UK/Europe was offered at $375-380/t CFR against bids of $350-355/t, reflecting the wide gap between buyers and sellers. Brazilian turnings were heard around $330/t CFR.
In southern India, Chennai indications were at $365-370/t CFR, while bids hovered closer to $360/t, though market activity remained muted.
Pakistan: Pakistan’s imported scrap market showed little activity as shredded scrap offers held steady at $380/t CFR. Market participants indicated a cautious stance, with UAE suppliers refraining from aggressive offers while buyers resisted current levels.
Shredded CFR Qasim levels faced pushback as mills awaited potential price corrections. Expectations of softer levels were tied to heavy rains disrupting construction activity and further dampening near-term demand.
Bangladesh: Bangladesh’s imported scrap market stayed muted with mills showing limited interest in fresh bookings. Heavy monsoon rains disrupted construction activity while weak finished steel demand kept sentiment cautious, with buyers largely on the sidelines.
Imported offers were reported for PNS at $372/t CFR, hollow bundles at $350/t CFR, and Dubai-origin HMS 90:10 at $355/t CFR. Shredded scrap from Australia was heard at $370-374/t CFR, while PNS from Hong Kong was quoted at $385/t CFR and busheling from Malaysia at $390/t CFR.
Turkiye: Turkish imported scrap market remained steady d-o-d, with deep-sea HMS 80:20 from the US and Baltic regions heard in the $345-348/t CFR range. Market sentiment was described as stable, with no significant movement in tradable values. Traders noted that sellers were in no rush to lower offers, while mills continued to hold back from fresh bookings.
Price assessments
India: UK-origin shredded indicatives remain stable at $365/t CFR Nhava Sheva d-o-d.
Pakistan: UK-origin shredded indicative prices remain stable at $380/t CFR Qasim compared to the the last closing day.
Bangladesh: UK-origin shredded prices edged down by $1/t d-o-d to $373/t CFR Chattogram.
Turkiye: US-origin HMS (80:20) bulk scrap prices up by $1/t d-o-d at $347/t CFR Turkiye.
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