- India buyers shifting toward sponge iron as alternative
- Turkiye sentiment firmer as mills eye Aug shipments
South Asia’s imported scrap markets continued to be slow amid weak steel demand, monsoon disruptions, and cautious buying, while Turkiye saw firmer sentiment with bulk scrap prices edging higher.
Market overview
India: India’s appetite for imported scrap remained subdued as sluggish steel demand and ample local scrap availability kept buyers cautious.
Shredded scrap offers hovered at around $365/t CFR, but buyers resisted above $355/t. HMS from the UK was offered near $335/t, while bulk shredded from the US West Coast stood at $355-360/t CFR. Some HMS sellers sought $330-335/t CFR, yet deals were scarce as buyers increasingly shifted toward sponge iron for its competitive pricing and steady supply.
Pakistan: Pakistan’s imported scrap market stayed quiet, with trading activity subdued and prices largely steady at $375-380/t CFR, though most offers hovered closer to $375/t. Market sentiment remains stable but cautious, with no strong momentum as participants wait for clearer direction.
UK and EU-origin shredded scrap continues to be the primary material offered, keeping the market steady for now amid moderate buying interest.
While the monsoon season has officially begun, widespread rains have yet to arrive apart from some showers in the northern regions and Punjab. Locally, scrap prices were reported between PKR 138,000-142,000/t, with rebar ranging from PKR 235,000-240,000/t and billet prices at PKR 195,000-200,000/t.
Bangladesh: Bangladesh’s imported scrap market remained slow as mills showed little interest in booking new cargoes, weighed down by monsoon disruptions and weak construction demand.
Shredded scrap was offered at $365-370/t CFR, while HMS 80:20 from Australia stood at $350/t, and PNS from Singapore was quoted at $385/t. However, buyer’s interest remained well below these levels, with inquiries closer to $345/t for HMS and $375/t for PNS.
Turkiye: Turkish bulk scrap import prices edged higher as market sentiment turned firmer. Market sources reported stronger price indications, with recyclers remaining bullish amid support from a firm euro against the US dollar and a resilient US domestic scrap market.
Turkish mills are expected to begin booking August shipments soon, though there’s still uncertainty over whether buyers will accept current offer levels. US exporters are reportedly offering cargoes around $350/t CFR, but mills appear hesitant to commit at these prices for now.
Indicative tradable values for US- and Baltic-origin HMS 80:20 are currently hovering at $345-350/t CFR, while EU/Baltic cargoes are seen slightly lower at $340-344/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, up by $3/t d-o-d.
Bangladesh: UK-origin shredded prices were edge up by $1/t at $366/t CFR Chattogram compared to previous day.
Turkiye: US-origin HMS (80:20) bulk scrap prices were assessed at $348/t CFR Turkiye up by $3/t d-o-d.
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