- India buyers cautious, bid-offer gap persists
- Bangladesh market slows down due to monsoon
South Asia’s scrap markets stayed sluggish amid weak demand during monsoon, with India cautious and Pakistan witnessing a slowdown. Bangladesh faced political and seasonal blues even as Turkish prices inched lower as buyers and sellers weighed market direction.
Market overview
India: India’s appetite for imported scrap remains subdued as steel demand stays weak and domestic scrap availability is sufficient keeping buyers mostly silent. Shredded scrap offers are hovering around $365/t CFR Nhava Sheva, but buyers are resisting prices above $355/t, maintaining a clear bid-offer disparity.
UK-origin HMS is being offered close to $335/t CFR, while bulk shredded scrap from the US West Coast stands in the range of $355-360/t CFR. From the EU, HMS offers are heard around $332/t CFR.
Meanwhile, some distress sales are happening in the market, though most buyers are restricting purchases to immediate requirements, avoiding significant new bookings due to price uncertainty.
Pakistan: Pakistan’s imported scrap market remained sluggish, with trading activity subdued and prices largely holding steady in the range of $375-380/t CFR. Most offers, however, clustered closer to $375/t, but actual trades were scarce amid ongoing buyer hesitation. UAE-origin shredded was quoted higher at $382-386/t CFR, though interest remained thin as mills refrained from fresh bookings.
While the monsoon has officially arrived, rainfall has been patchy so far-more noticeable in the northern regions and Punjab-providing little relief from the overall market slowdown.
Bangladesh: Ferrous scrap market continues to languish amid heavy monsoon disruptions and a difficult political climate, leading to minimal trading activity. Rebar prices are stable but subdued, with Dhaka levels quoted at BDT 79,000-80,000/t and sellers weigh market direction and Chattogram at BDT 84,000-86,000/t ($689-705/t). Local scrap prices remain in the range of BDT 55,000-56,000/t ($451-459/t), reflecting weak demand.
Construction activities have stalled, dampening steel demand. Imports persist but draw limited interest: Australian HMS at $345-350/t CFR Chattogram, shredded at$370-374/t CFR, and Singapore PNS at $385-390/t CFR, though buyers seek $380-384/t.
Turkiye: Turkish deepsea imported scrap prices edged edge down, as the market grappled with mixed views between buyers and sellers over price direction.
The euro weakened against the US dollar after President Donald Trump confirmed that the 1 August deadline for new tariffs on US trading partners would not be extended, adding a layer of uncertainty to global markets.
Indicative tradable levels for US- and Baltic-origin HMS 80:20 hovered around $345-350/t CFR and slightly higher in some cases. Meanwhile, EU-origin HMS 80:20 was indicated a bit lower, in the range of $340-342/t CFR.
Price assessments
India: UK-origin shredded indicatives were assessed at $360/t CFR Nhava Sheva, stable compared to previous day.
Pakistan: UK-origin shredded indicatives stood at $374/t CFR Qasim, stable d-o-d.
Bangladesh: UK-origin shredded prices were edge up by $4/t at $370/t CFR Chattogram compared to previous day.
Turkiye: US-origin HMS (80:20) bulk scrap prices were assessed at $347/t CFR Turkiye down by $1/t d-o-d.
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