- Trades in India, Pakistan remain limited, buyers cautious
- Bangladesh market stable; Turkiye sees muted trades
South Asia’s imported scrap markets stayed weak, with India and Pakistan seeing muted trades, Bangladesh steady on limited deals, while Turkiye struggled with low prices amid sluggish finished steel demand.
India: India’s imported ferrous scrap market remained weak, with limited trades seen only for arrival cargoes. Shredded scrap offers hovered at $365/t CFR against bids of $360/t.
Fresh bids stayed lower, with shredded at $350-355/t CFR Mundra/Nhava Sheva (EU origin). HMS 80:20-90:10 was indicated at $330-340/t CFR Chennai (Australia origin). Brazilian HMS with 2% impurities was offered at $335-340/t CFR Mundra/Nhava Sheva.
Pakistan: The imported scrap market softened, with UK and EU shredded offered at $375-378/t CFR, but buyers interested around $366-370/t, reflecting weaker buying interest.
In the domestic market, scrap was offered at PKR 138,000-140,000/t ($487-494/t) exw. Rebar prices were quoted at PKR 235,000-238,000/t ($829-840/t), billet at PKR 200,000-202,000/t ($706-712/t), and bala at PKR 190,000-192,000/t ($670-677/t) exw.
Bangladesh: Bangladesh’s imported scrap market was on hold d-o-d. Offers held steady, with Malaysia PNS at $370/t, shredded at $358/t, and hollow bundle at $350/t CFR.
Domestically, scrap prices stayed firm at BDT 49,000-50,000/t ($403-411/t), while billets fluctuated between BDT 65,000-68,000/t ($534-559/t). Rebar demand in Dhaka remained sluggish, though prices held stable at BDT 75,000-76,000/t ($616-624/t), keeping overall sentiment cautious.
Turkiye: Turkish deepsea scrap market stayed quiet d-o-d, with no fresh deals reported. US/Baltic-origin HMS 80:20 remained in the $330-345/t CFR range, but sellers continued to struggle with low price levels.
While scrap is significantly cheaper than iron ore, suggesting scope for recovery, sluggish finished steel sales are holding back demand. Mills remain cautious, limiting bookings until steel market fundamentals improve.
Price assessments
India: UK-origin shredded prices remians stable d-o-d at $360/t CFR Nhava Sheva.
Pakistan: UK-origin shredded indicatives prices remians stable d-o-d at $366/t CFR Qasim.
Bangladesh: UK-origin shredded prices fell by $1/t d-o-d to $372/t CFR Chattogram.
Turkiye: US-origin HMS 80:20 bulk scrap prices were at $335/t CFR Turkiye, stable d-o-d.
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