- Indian scrap market quiet amid weak domestic demand
- Prices in Pakistan ease tracking continued Chinese weakness
South Asian scrap markets showed stable trends, with India quiet amid a stronger USD, Pakistan and Bangladesh subdued by monsoon rains, while Turkiye stayed steady as mills awaited clearer demand signals despite firm US offers.
Market overview
India: India’s imported scrap market stayed slow, with no major deals concluded as activity slowed after a brief uptrend earlier in the week. The sharp strengthening of the US dollar and weak domestic demand weighed on buying interest.
EU-origin shredded offers were heard at $368-372/t CFR, while UK HMS 80:20 was quoted at $335-340/t. However, buyers kept bids lower at $330-360/t for HMS and shredded, nearly $10/t below current offers. Busheling with Blue Steel/PNS of European origin carried a price idea of $370-375/t.
Pakistan: Pakistan’s imported scrap market remained weak, closely tracking China’s downtrend, with participants expecting prices to stay under pressure until Chinese markets recover.
Recent deals were reported at $380-382/t, though levels have eased by $4-5/t. Some UAE-origin shredded cargoes were booked at around $390-394/t. Importers remain active, but further softening is likely amid the ongoing monsoon slowdown.
Bangladesh: Bangladesh’s imported scrap market stayed weak with no major inquiries reported today. The last heard quotes for Australian shredded stood at $370/t, while current offers were around $375/t, and HMS 80:20 in containers was at $355/t.
Persistent monsoon rains continued to limit fresh bookings and slow overall trade momentum, keeping buying interest subdued.
Turkiye: Turkiye’s deep-sea scrap market stayed steady d-o-d, with mills showing little urgency for fresh bookings after covering most of their needs. Market activity was expected to remain quiet with sideways price movement.
Opinions were divided, with some citing the weakening Euro as a reason for potential softening, while others highlighted rising dry bulk freight costs that may prevent recyclers from lowering offers.
Tradable values for EU/UK-origin HMS 80:20 were reported at $340-343/t CFR. US recyclers kept offers firm, with workable levels near $350/t CFR, though buying interest remained muted.
Price assessments
India: UK-origin shredded indicatives were assessed at $368/t CFR Nhava Sheva, stable d-o-d.
Pakistan: UK-origin shredded indicatives stood at $383/t CFR Qasim, down by $1/t d-o-d.
Bangladesh: UK-origin shredded prices edge down by $1/t d-o-d at $375/t CFR Chattogram.
Turkiye: US-origin HMS (80:20) bulk scrap prices were stable d-o-d at $346/t CFR Turkiye.
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