- India quiet as mills resist high scrap offers
- Pak stalls amid Iran conflict’s proximity fears
South Asia’s imported scrap markets remained subdued amid weak steel demand, tight liquidity, and geo-political tensions. India, Pakistan, and Bangladesh saw limited buying, while Turkiye showed a balanced price without further drop as sellers held firm on expectations of near-term demand recovery.
Market overview
India: India’s imported ferrous scrap market remained sluggish, with bearish sentiment persisting amid weak steel demand and wide bid-offer gaps. Mills continued to show limited interest, with most buyers unwilling to match current offer levels.
Sellers described the market as firmly in buyer’s control, with offers varying by HMS grade, weight, and impurity content. Despite this, Indian buyers remained hesitant, with selective bids typically $5-6/t below quoted levels. UK/EU-origin scrap prices have likely bottomed out, limiting exporter’s flexibility to lower prices further. Across Asia, soft steel demand continued to dampen scrap-buying appetite, keeping overall trade activity muted.
Pakistan: Pakistan’s imported ferrous scrap market remained quiet, with limited offers and lacklustre trading activity as overall sentiment stayed weak. Market participants attributed the muted mood to geopolitical tensions, particularly due to Pakistan’s proximity to the ongoing Middle East conflict.
Indicative offers for EU-origin shredded scrap were reported at $370-372/t CFR Qasim, while UAE-origin shredded was slightly higher at $376-378/t CFR. However, few buyers showed interest at these levels. On the domestic front, rebar prices were steady at PKR 235,000-236,000/t, billets at PKR 198,000-200,000/t, and scrap at PKR 136,000-138,000/t.
Bangladesh: Bangladesh’s imported scrap market remained slow this week amid ongoing LC issues and tight liquidity. Mills showed limited buying interest, with few fresh inquiries for both bulk and containerised cargoes.
In containers, Australian HMS 1 was heard offered at $360/t CFR Chattogram, though workable levels were closer to $355/t. HMS 80:20 was offered at $350/t, and shredded scrap from Australia stood at around $365-366/t CFR. On the bulk side, Japanese H2 was heard at $355-358/t CFR Chattagram and HS at $345-350/t CFR Vietnam, implying a $15-20/t premium for CFR Chattogram, though no firm bookings were confirmed.
Turkiye: Turkiye’s deepsea scrap import prices hold steady d-o-d as sellers held firm amid a strengthening lira and improved domestic fundamentals. Market sentiment stayed bullish, backed by limited cargo availability and hopes of demand recovery in the near term.
Indicative tradable levels for US/Baltic-origin HMS 80:20 were heard at $338-340/t CFR, though confirmed deals remained scarce. Eurozone sellers resisted further cuts due to high collection costs and a stronger Euro.
A reported booking at $339/t CFR was widely dismissed as fabricated, likely aimed at curbing the price decline. Current trading range is seen at $335-338/t CFR, with some activity expected for late July to early August shipments.
Price assessments
India: UK-origin shredded indicatives were assessed at $360/t CFR Nhava Sheva, stable d-o-d.
Pakistan: UK-origin shredded indicatives stood at $370/t CFR Qasim, stable compared to the previous day.
Bangladesh: UK-origin shredded prices were assessed at $371/t CFR Chattogram, stable compared to the previous day.
Turkiye: US-origin HMS (80:20) bulk scrap prices were assessed at $337/t CFR Turkiye, stable d-o-d.
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