- Indian buyers remain cautious amid adequate domestic supply
- Lower European offers failed to bridge bid-offer gap in Pakistan
South Asia’s ferrous scrap market remained mixed on 15 October, 2026, with cautious Indian buying, easing import offers in Pakistan, and active trading in Bangladesh. In Turkiye, deep-sea prices held stable below $400/t amid limited US offers and uncertain market direction.
India: Scrap buyers remained cautious, with no confirmed trades or firm bids in the imported containerised segment. UK-origin shredded scrap offers stood at $405-410/t, while HMS 80:20 bids were reported at $355-360/t CFR Mundra. Meanwhile, Australian scrap offers to Chennai were quoted at $360-365/t for HMS and $375-380/t for shredded scrap, while offers to Nhava Sheva stood at $385-395/t CFR. Rising container freight costs prevented sellers from lowering offers, while improved domestic scrap availability kept Indian buyers’ bids subdued, making import deals unlikely amid uncertainty over price movements in other markets.
Pakistan: The imported scrap market remained under pressure, with European-origin shredded scrap offers easing to $413-415/t CFR Qasim from $420-425/t earlier, while bids stood at $410-412/t. UK-origin shredded scrap was workable at around $415/t CFR Qasim, with offers slightly higher. Meanwhile, elevated domestic scrap prices at PKR 132,000-134,000/t ($477-484/t) continued to limit the competitiveness of imported material.
Bangladesh: Imported scrap market remained active, with four deals totalling 10,000 tonnes reported for CFR Chattogram delivery. These included Brazilian HMS 1 (90:10) at $375/t, Polish HMS 1 (90:10) at $390/t, Australian shredded scrap at $405/t and 2,000 tonnes of Chilean HMS 1 (90:10) at $390/t. Meanwhile, local scrap prices stood at BDT 55,000-57,000/t.
Market participation remained selective amid firm freight rates, which continued to influence import buying decisions. However, active buyers and suppliers remained engaged in negotiations, with sellers attempting to secure better prices despite cautious procurement sentiment.
Turkiye: Deep-sea scrap prices remained stable on 15 October amid limited offers from US and Baltic suppliers, keeping market activity subdued. An Turkiye mill reportedly booked two UK-origin HMS 80:20 cargoes at $388-390/t CFR, although the deals remained unconfirmed by market close.
Market direction remained uncertain due to limited high grade-origin transactions, while US sellers stayed bullish on stronger domestic prices and reduced export availability. Tradable values for US-origin HMS 80:20 were reported at $395-400/t CFR, clustering around $395/t, while EU-origin material was assessed at $385-390/t CFR.
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