- Bangladesh market stable, mills operate below capacity
- EU/UAE shredded scrap prices to Pakistan remain steady
South Asia’s imported scrap markets remained largely quiet amid muted buying interest, weak construction demand, high costs, and subdued market activity keeping prices steady across India, Pakistan and Bangladesh, and also in Turkiye.
India: India’s imported scrap market stayed largely quiet due to Dussehra festival, with buyers showing little interest amid prevailing price levels. Shredded scrap from New Zealand was offered at $350-355/t CFR Chennai, while Malaysian and Thai bushelings were quoted at $370/t, but buyers remained inactive. NTP and PNS offers were reported at $355-360/t and $360-362/t respectively.
Australian-origin shredded, HMS 80:20, and HMS 90:10 cargoes also saw dull buying. The last active bids for US-origin HMS at CFR Kandla were $340-345/t, while offers for shredded-HMS mix cargoes stood at $355-360/t, reflecting muted market activity.
Pakistan: The imported scrap market remained quiet today, with limited fresh activity. EU/UK shredded scrap was offered at $368-370/t CFR Qasim, while UAE-origin material was quoted higher at $388/t. Domestically, local scrap traded at PKR 135,000-138,000/t ($477-488/t), reflecting muted overall market sentiment.
Bangladesh: Bangladesh’s imported scrap market remained mostly stable, with Singapore PNS offered at $378/t and bids around $370/t, while buyers sought Malaysia PNS at $370-372/t against offers near $380/t. Meanwhile, bulk HMS 80:20 (open origin) was at $345/t CFR.
The market is under pressure from weak construction and stalled public projects, forcing mills to sell at losses. Production has dropped 40%, with many mills shut or at reduced capacity.
Turkiye: Deep-sea imported scrap prices held stable d-o-d as market activity stayed muted. Rising freight costs, particularly a $15/t increase from the Baltic region in recent months, pushed sellers to lift offers, with US/Baltic-origin HMS 80:20 quoted at $345-348/t CFR.
Mills showed limited buying as weak downstream demand pressured steel sales. Production was scaled back, and scrap companies held material, though some sought end-October cargoes.
Price assessments
India:UK-origin shredded prices remain stable d-o-d at $358/t CFR Nhava Sheva
Pakistan: UK-origin shredded indicatives prices remain stable d-o-d to $367/t CFR Qasim.
Bangladesh:UK-origin shredded prices fell by $1/t d-o-d at $370/t CFR Chattogram.
Turkiye: US-origin HMS 80:20 bulk prices at $346/t CFR Turkiye, stable d-o-d.
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