- Indian market stable but demand remains limited
- Turkish market steady, no fresh deals reported
South Asia’s imported scrap markets remained largely subdued, with weak sentiment prevailing across key markets amid limited buying interest, falling finished steel prices, and cautious procurement strategies. Prices continued to edge down slightly across the region, reflecting sluggish demand and a lack of confidence in near-term recovery.
Market overview
India: The imported scrap market remained subdued today, with limited activity. Containerised shredded scrap was assessed stable at $370/t CFR Nhava Sheva, with tradable levels reported at $365-366/t.
A tradable value for UK-origin HMS 80:20 was heard at $345/t CFR Nhava Sheva, and South Africa-origin HMS was heard at $355-360/t CFR. Market participants continued to monitor the Turkish scrap market for direction, where prices for HMS 80:20 were assessed unchanged at $328/t CFR.
According to a market participant, the UK-to-India ferrous scrap market remains quiet, with limited confirmed trades. HMS 80:20 is heard at $345-350/t CFR, while offers for shredded scrap are around $370/t CFR. However, these levels are not widely accepted, as suppliers are holding expectations firm at EUR 230/t FOB and above. The current rupee exchange rate (ROE) is also not supporting higher import prices, further slowing buying interest.
Pakistan: The Imported scrap market remained quiet today, with limited activity and no significant deals. Prices are currently hovering near 4.5-year lows, a level last seen in November 2020. The market remains subdued as cautious buying sentiment, coupled with falling finished steel prices, continues to weigh on trade.
Buyers were largely inactive, with bids at around $365-370/t CFR Port Qasim, while offers for the UK/EU-origin shredded scrap were slightly higher at $370-375/t, creating a stalemate in the market.
Bangladesh: Imported ferrous scrap prices into Bangladesh declined by $1-2/t d-o-d, as buyers remained cautious and focused on nearshore bookings amid weak demand and continued market uncertainty. Containerised PNS from Singapore was offered at $385-390/t CFR, with bids at $378-380/t CFR, while Japanese H2 bulk prices dropped to $356-358/t CFR.
A recent deal involved 4,000-5,000 t of Australian-origin shredded scrap, concluded at $379-380/t CFR.
Market sentiment remains weak with tight liquidity and minimal construction activity. Domestic scrap prices in Chattogram are at BDT 54,000-55,000/t ($445-453/t), while rebar prices are at BDT 84,000-85,000/t ($692-700/t) in Chattogram and BDT 81,000-82,000/t ($667-675/t) in Dhaka.
Turkiye: The Turkish imported scrap market remained steady. Although there were ongoing concerns about a supply overhang for May shipments and limited restocking demand from Turkish mills, recyclers mostly kept their offers firm, preferring to wait for a potential price rebound before concluding new deals.
Workable levels for US/Baltic-origin HMS 80:20 were largely indicated in the range of $325-330/t CFR. A recycler reportedly turned down a $325/t CFR bid for Baltic material, while a $330/t CFR offer was rejected by a mill, reflecting subdued buying interest and a clear bid-offer mismatch.
Price assessments
India: UK-origin shredded indicatives were assessed at $370/t CFR Nhava Sheva, unchanged d-o-d.
Pakistan: UK-origin shredded indicatives stood at $369/t CFR Qasim, down by $1/t.
Bangladesh: UK-origin shredded prices edged down d-o-d by $2/t at $380/t CFR Chattogram.
Turkiye: US-origin HMS (80:20) bulk scrap prices remained stable d-o-d at $328/t CFR Turkiye.
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