- Turkiye prices dip on weak rebar pull, conflict fears
- Pakistan inactive amid Iran tensions, low offers
South Asia’s imported scrap markets remained subdued amid weak steel demand, geopolitical tensions, and liquidity issues. India, Pakistan, and Bangladesh saw limited activity, while Turkiye’s prices softened due to poor rebar sales and Middle East uncertainty.
Market overview
India: India’s imported scrap market remained sluggish, weighed down by subdued steel demand and a persistent bid-offer mismatch. Mills continued to show limited interest, keeping negotiations inactive as buyers resisted current price levels.
Indicative offers for HMS 80:20 remained in the range of $340-345/t CFR, while shredded scrap was heard at around $360-362/t CFR. US-origin shredded scrap lacked firm offers, but market participants indicated floating levels above $360/t CFR.
Busheling scrap from the UK and Germany was being offered near $370/t CFR. However, Indian buyers were largely hesitant at these levels, with only selective inquiries coming in-typically at $5-6/t below current offers. The resistance highlights weak market sentiment and the cautious approach adopted by mills amid uncertain steel fundamentals.
Pakistan: Pakistan’s imported scrap market remained quiet at the start of the week, with limited offers and subdued trading interest. Market sentiment is weak as escalating tensions related to the Iran conflict continue to weigh on cross-border trade and create uncertainty in procurement decisions.
As a neighbouring country, Pakistan is feeling the direct impact of the regional instability, with traders adopting a wait-and-watch approach. A local trader noted increased pressure and caution in the market, attributing the slowdown to fears over potential fallout from the ongoing conflict.
Indicative offers for EU-origin shredded scrap stood at $370-372/t CFR Qasim, while UAE-origin shredded was heard slightly higher at $376-378/t CFR.
Bangladesh: Bangladesh’s imported scrap market remained quiet due to Eid holidays, LC issues, and tight liquidity. Mills showed limited interest, with few bulk and containerised inquiries.
Australian HMS 80:20 in containers was offered at $350-352/t CFR, while bulk mixed HMS was heard at $355-360/t CFR. Shredded was quoted at $373-374/t, and HMS 80:20 at $360-362/t CFR, though bookings were minimal.
Turkiye: Imported ferrous scrap prices in Turkiye edged lower this week, with EU-origin HMS 80:20 at $330-340/t CFR and US/Baltic cargoes at around $340/t CFR. The decline follows weak rebar demand and ongoing geopolitical tensions in the Middle East, which continue to weigh on buyer sentiment.
Turkish mills are delaying purchases due to sluggish finished steel sales and uncertainty over near-term demand recovery. A mill source noted that the unclear regional outlook is prompting mills to postpone scrap procurement.
Meanwhile, a strong euro is limiting European recycler’s ability to cut prices further, keeping the market cautious and in wait-and-see mode.
Price assessments
India: UK-origin shredded indicatives were assessed at $360/t CFR Nhava Sheva, stable d-o-d.
Pakistan: UK-origin shredded indicatives stood at $370/t CFR Qasim, stable compared to the previous day.
Bangladesh: UK-origin shredded prices were assessed at $372/t CFR Chattogram, to stable compared to the previous day.
Turkiye: US-origin HMS (80:20) bulk scrap prices were assessed at $338/t CFR Turkiye, down by $1/t d-o-d.
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