- Turkish market steady, cheap billets affect scrap demand
- Pakistan’s market quiet during holidays, monsoon disruption
South Asia’s imported scrap markets remained largely stable amid subdued steel demand, monsoon disruption, and cautious buying. Price gaps persisted across India, Pakistan, and Bangladesh, while Turkiye’s market stayed steady but restrained due to weak rebar sales and competition from billets.
Market overview
India: India’s appetite for imported scrap stayed weak as muted steel demand, seasonal monsoon challenges, and competitive local scrap supplies kept buyers cautious.
Shredded scrap from the US/Europe was offered around $360/t CFR, but buyers bid closer to $355/t. West African HMS cargoes for 23-24 t loading were discussed at $340/t, with bids slipping to $335/t. Chilean HMS 80:20 in 40ft containers saw offers at $330/t, while Indian buyers sought lower levels near $320/t.
Market activity remained thin, with mills avoiding significant bookings amid lacklustre steel sales and no major impetus from infrastructure spending.
Pakistan: Pakistan’s imported scrap market saw subdued activity, with trade slowing under the combined weight of Muharram holidays, persistent monsoon rains, and sluggish construction demand. Mills operated at just 35-40% capacity, limiting fresh scrap inquiries.
UK and EU-origin shredded scrap was offered in the range of $370-375/t CFR Qasim, but buyers largely held back, wary of weak downstream demand.
Bangladesh: Bangladesh’s imported scrap market remained quiet, with mills hesitant to book cargoes amid monsoon disruptions and sluggish construction demand.
Price gaps persisted in the market, as Australian HMS 80:20 was offered at $350/t CFR Chattogram, while bids for Singapore/Malaysia PNS scrap hovered around $360/t-falling short of sellers’ expectations of $375-380/t.
Turkiye: Turkiye’s imported scrap market remained steady d-o-d, with US-origin HMS 80:20 assessed at $345/t CFR. Mills stayed cautious, pressured by weak domestic rebar sales and the availability of cheaper billet imports from Asia, which continued to weigh on scrap demand and limit fresh bookings.
Turkish buyers pushed for lower levels, seeking at least $5-7/t discounts amid sluggish finished steel markets.
European holidays and logistics constraints kept scrap availability tight, restricting trade volumes. Market participants believe a rebound in Asian billet prices may eventually revive scrap buying interest.
Price assessments
India: UK-origin shredded indicatives were assessed at $360/t CFR Nhava Sheva, fell by $1/t compared to Friday.
Pakistan: UK-origin shredded indicatives stood at $371/t CFR Qasim, stable compared to last closing.
Bangladesh: UK-origin shredded prices were assessed stable at $365/t CFR Chattogram compared to last closing (Friday).
Turkiye: US-origin HMS (80:20) bulk scrap prices were assessed at $345/t CFR Turkiye.
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