South Asia: Imported scrap markets remain muted; India sees weak demand amid festive slowdown

• Pakistan expected to see improvement later this week
• Turkish prices stable amid tight supply, rising freights

South Asia’s imported scrap markets remained subdued, with weak buying interest across India, Pakistan, and Bangladesh. Meanwhile, Turkiye saw stability, supported by tight supply and rising freight costs.

India: India’s imported scrap market remained subdued, with offers largely unchanged. Shredded was offered at $360-355/t, HMS at $330-325/t, busheling at $375/t, and PNS at $370/t CFR Chennai.

Buying interest was limited, with workable bids significantly lower than offers. Offers were as follows: shredded $350-355/t, HMS $320-325/t, busheling $370/t, and PNS $365/t. Buyers remained cautious amid monsoon and festive season slowdowns, holding back on fresh bookings.

Pakistan: Pakistan’s imported scrap market remained quiet at the start of the week. UK shredded was offered at $368/t CFR Qasim, while HMS 80:20 was quoted at $343/t.

Buying interest was limited, with few active participants in the market. However, some improvement is expected later in the week as sentiment gradually picks up.

Bangladesh: The imported scrap market stayed largely inactive d-o-d, with limited buyer interest despite steady offers. Malaysian PNS was quoted at $370/t CFR, shredded at $358/t, and hollow bundles at $350/t CFR.

Turkiye: Turkiye’s deep-sea scrap market remained stable despite attempts by mills to push prices lower, citing weak finished steel demand. Rebar prices held steady, but mills consistently countered dealer offers with unrealistically low bids.

Scrap suppliers resisted cutting prices, creating a market deadlock. Interest from major buyers such as Toscelik, Icdas, and Habas failed to generate deals until mills began accepting sellers’ levels, supported by reduced inbound scrap flows and rising freights, a recycler noted.

Price assessments

India: UK-origin shredded prices fell by $1/t to $360/t CFR Nhava Sheva compared to the last closing day (Friday).

Pakistan: UK-origin shredded indicatives were stable at $368/t CFR Qasim compared to the previous day.

Bangladesh: UK-origin shredded prices fell by $1/t to $371/t CFR Chattogram compared to Friday.

Turkiye: US-origin HMS 80:20 bulk prices were at $341/t CFR Turkiye, down by $1/t d-o-d.