- Heavy rains, sharp currency fluctuations limit trade in India
- Turkish buyers show caution ahead of interest rate decision
South Asia’s imported scrap markets remained subdued, with India and Pakistan facing rains and weak demand. On the other hand, Bangladesh witnessed selective deals, with the Kanto scrap tender awarded to a Chattogram-based mill. Meanwhile, the Turkish market held steady but cautious ahead of policy decisions.
India: The imported scrap market remained quiet, with bids for containerised shredded scrap at $350-355/t CFR Nhava Sheva against offers of $365-370/t. Ongoing monsoon rains slowed trading activity and dampened demand, while sharp dollar-rupee fluctuations further reduced domestic traders’ purchasing power.
Pakistan: Market sentiment in Pakistan remained weak as ongoing rains slowed activity and kept trading conditions subdued. In Qasim, imported scrap saw limited movement, with UAE shredded offers at around $390/t against bids at $380-382/t CFR, while shredded from other regions was offered at $372-375/t CFR with bids at $366-368/t.
Bangladesh: The imported scrap market remained active, with offers for Australian shredded at $375/t CFR against lower bids. Deals included Australian HMS 90:10 at $351/t CFR Chattogram and shredded scrap at $370/t CFR. In the September Kanto Tetsugen tender, 15,000 t of H2 scrap were awarded to Bangladesh, adding further supply to the market.
In the domestic market, Dhaka scrap prices rose by BDT 1,000/t ($8/t) to BDT 47,000/t ($386/t), while Chattogram stood at BDT 49,000-50,000/t ($403-411/t). Finished steel in Dhaka gained BDT 500-1,000/t ($4-8/t), but demand stayed weak.
Turkiye: Turkish deep-sea scrap prices held flat, with US and Baltic-origin HMS 80:20 at $340-345/t CFR and EU-origin at $330-335/t CFR. Trading stayed limited, as weak Turkish mill demand pressured prices. Market sentiment stayed mixed, as participants awaited fresh activity. Dealers appeared ready to sell, but weak finished steel demand and the upcoming Turkish Central Bank interest rate decision, set for 11 September, kept buyers cautious.
Price assessments
India: UK-origin shredded prices fell by $1/t at $363/t CFR Nhava Sheva compared to the previous day.
Pakistan: UK-origin shredded indicatives prices remains stable d-o-d at $371/t CFR Qasim.
Bangladesh: UK-origin shredded prices fell by $3/t at $372/t CFR Chattogram compared to the previous day.
Turkiye: US-origin HMS (80:20) bulk scrap prices remains stable d-o-d at $342/t CFR Turkiye.
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