- India’s scrap market stable amid limited trade activity
- Pakistan market remains subdued due to monsoon
South Asian scrap markets showed stable trends, with India and Bangladesh witnessing cautious buying and Pakistan subdued due to monsoon disruptions. The Turkish market held steady, although it remained quiet, as mills awaited clearer demand signals heading into August.
Market overview
India: India’s imported scrap trade remained limited, with UK-origin shredded scrap offers at $365-370/t CFR Nhava Sheva. EU-origin shredded was heard at $370-375/t, while UK-origin HMS stood at $340-345/t.
Buyer interest is gradually improving, though actual procurement by Indian mills is still cautious. Market participants expect stronger demand next month, which could support imported scrap prices with some correction in the bid-offer gap.
Pakistan: Pakistan’s imported scrap market stayed quiet, with no deals reported. UK and European offers stood at $382-385/t CFR, while UAE-origin HMS was quoted at $350-355/t. Persistent monsoon rains and widespread flooding kept buying interest muted, restricting mill operations to just 30-35% of capacity.
Bangladesh: Bangladesh’s imported scrap market showed an upward trend, though buying interest remained cautious. Australian shredded was offered at $375/t, while HMS 80:20 in containers stood at $355/t. US bulk offers to Chattogram were heard at $368-372/t, with some shippers quoting up to $375/t. Australian bulk shredded was indicated at $366-370/t, though demand was limited.
Activity was restrained as heavy rainfall, a tighter credit cycle, and political uncertainty weighed on sentiment. Sellers were less inclined to quote for Chattogram, while buyers avoided fresh bookings, keeping overall momentum subdued.
Turkiye: The Turkish deep-sea scrap market held stable d-o-d, with trading activity subdued as several participants were away on holiday. Market sentiment remained cautious, though some participants expect improved activity in August as mills return to the market with fresh inquiries.
Indicative offers for US and Baltic-origin HMS 80:20 were reported around $350/t CFR, yet buying interest was limited. Mills remained hesitant amid soft finished steel demand and sluggish export orders, keeping negotiations quiet for now.
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, stable d-o-d.
Bangladesh: UK-origin shredded prices were stable d-o-d at $377/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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