- Festive demand may lend support to Indian market
- Turkiye steady, mills eye Sep bookings amid slow trade
South Asian scrap markets showed muted activity, with India and Pakistan seeing cautious buying, Bangladesh subdued by monsoon rains, and Turkiye steady amid limited trades, as buyers and sellers awaited clearer sentiment for September bookings.
Market overview
India: India’s imported scrap market stayed slow, with only a few major deals concluded at $370/t as buyers remained cautious. Market participants described sentiments as “quite ok,” with expectations of some positivity ahead of the pre-festive demand period.
EU-origin shredded offers were heard at $370-375/t, but bids hovered near $360/t, as mills found local end-cut scrap at INR 33,000/t ($377/t) FOR more cost-effective than imports. PNS offers were reported at around $390/t.
Pakistan: Pakistan’s imported scrap market remained weak on Monday, as buyers stayed inactive in a slow market with sufficient bookings already in hand, keeping new demand very limited. Recent deals were reported at $375/t for UAE-origin scrap.
Adding to the pressure, the Federal Board of Revenue (FBR) extended the deadline for mandatory digital invoices, requiring all industries, including steel, to upload them instantly on the web portal.
Shredded scrap offers stood at $381-385/t, while domestic scrap prices held steady at PKR 135,000-140,000/t ($478-496/t). Market sentiment remained cautious amid soft demand and regulatory uncertainty.
Bangladesh: Bangladesh’s scrap import market remained subdued today as persistent monsoon rains continued to restrict activity. Containerized HMS 80:20 was discussed at around $355/t, while Australian shredded, last traded at $370/t, saw fresh offers inching up to $375/t. Mills showed little urgency to book material, keeping the overall momentum weak.
Turkiye: Turkish deep-sea imported scrap prices remained steady, with muted trading as both buyers and sellers stayed on the sidelines awaiting clearer sentiment. Mills are expected to secure material for September, while suppliers also need to place tonnage, keeping prices stable in the near term.
Tradable values for US and Baltic-origin HMS 80:20 were reported at $345-350/t CFR, while EU-origin material was heard at $342-344/t CFR. Market activity in Europe stayed slow amid the seasonal summer lull.
Price assessments
India: UK-origin shredded indicatives were stable at $368/t CFR Nhava Sheva, compare to the last closing day (Friday).
Pakistan: UK-origin shredded indicatives stood at $380/t CFR Qasim, fell by $3/t compared to friday.
Bangladesh: UK-origin shredded prices edged down by $1/t at $375/t CFR Chattogram compared to the last closing (Friday).
Turkiye: US-origin HMS (80:20) bulk scrap prices were stable at $346/t CFR Turkiye compare to last the closing (Friday).
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