- Supply tightness, demand recovery expectations lift Turkish prices
- Bangladesh market remains inactive, trade slows amid steady offers
South Asia’s imported scrap markets remained largely subdued, with limited trades and cautious buyers in India, Pakistan, and Bangladesh. Meanwhile, Turkiye saw slight gains amid supply tightness and expectations of a market recovery in the short term.
India: India’s imported ferrous scrap market remained weak, with limited trades amid a wide range of offers heard. European shredded was heard at $368-370/t CFR Nhava Sheva/Mundra, while machine turnings were offered at $325-330/t. German busheling attracted interest at $378-380/t, and West African HMS 80:20 hovered at around $335-338/t.
Additional offers included Australian shredded at $366-370/t, HMS 90:10 at $345/t, and New Zealand-origin HMS 80:20 at $340/t CFR. Despite the variety of origins, buyers remained cautious amid muted steel demand and currency pressure, keeping market activity subdued.
Pakistan: Pakistan’s imported scrap market softened as offers and bids diverged. UK and EU shredded was offered at $375-378/t CFR, while buyers showed interest only at around $366-370/t, reflecting weak demand and cautious purchasing.
Bangladesh: The Bangladesh imported scrap market stayed largely on pause d-o-d, with limited buying interest despite steady offers. Malaysia-origin PNS was quoted at $370/t CFR, shredded at $358/t, and hollow bundle at $350/t CFR. Fresh bulk offers included 8,000 t of Singapore-origin mixed HMS at $350/t CFR Chattogram. However, trades remained thin, with buyers countering Malaysian PNS at $370-375/t CFR amid muted market activity.
Turkiye: The Turkish deep-sea scrap market rebounded, as prices inched higher, supported by tight supply and expectations of a near-term recovery. US/Baltic-origin HMS 80:20 was heard at $333-338/t CFR, while EU-origin was assessed at $330-332/t CFR.
However, most participants adopted a wait-and-watch stance. While some anticipated further price gains, others pointed to potentially weaker US domestic settlements in October, which could limit upside momentum.
Price assessments
India: UK-origin shredded prices remained stable d-o-d at $360/t CFR Nhava Sheva.
Pakistan: UK-origin shredded indicatives rose by $1/t d-o-d to $367/t CFR Qasim.
Bangladesh: UK-origin shredded prices fell by $1/t d-o-d to $371/t CFR Chattogram.
Turkiye: US-origin HMS 80:20 bulk prices were at $339/t CFR Turkiye, rising by $4/t d-o-d.
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