- Indian buyers resist higher shredded scrap offers
- Pakistan, Bangladesh cautious amid soft steel demand
South Asia’s scrap markets remained subdued this week amid cautious buying trends in India, Pakistan, and Bangladesh amid weak steel demand, firm offers, and currency concerns. Prices, overall showed a stable trend. Turkiye’s prices also held steady despite limited holiday-driven activity.
Market overview
India: Imported scrap activity in India stayed quiet as buyers continued to hold low positions, especially for HMS, where bids remained capped at around $330/t CFR for most origins. Suppliers found limited room to conclude deals at such levels.
Meanwhile, shredded scrap offers were heard at around $370/t CFR, but no major deals were reported. Indian buyers were targeting $360/t, but increased buying from Pakistan, where mills are restocking aggressively, may force Indian importers to raise their bids to stay competitive, especially for EU or UK-origin shredded material.
Pakistan: Pakistan’s ferrous scrap import market showed little momentum, with mills adopting a cautious approach despite rising offer levels. Shredded scrap from Europe was quoted at around $385/t CFR Qasim.
However, domestic buyers remained largely inactive, deterred by soft rebar demand and ongoing currency instability. With limited appetite for restocking, suppliers may struggle to conclude deals unless buyers see stronger cues from the finished steel market.
Bangladesh: Bangladesh’s imported scrap market remained quiet, with moderate interest in bulk cargoes. US-origin HMS 80:20 was last offered at $360/t CFR, though buyers are now targeting $345-350/t-levels which are difficult for most suppliers.
Australian bulk offers were similarly heard at $345-350/t CFR, aligning with Indian market levels. Japanese H2 bulk was considered workable at $336-340/t, depending on urgency. Overall, subdued domestic demand kept buyer sentiment cautious.
Turkiye: Imported ferrous scrap prices into Turkiye remained largely unchanged d-o-d, with HMS 80:20 offers staying just below the $345-350/t CFR range. Some trades closed at $347/t CFR, as mills accepted seller prices despite weak steel demand.
Trading activity remained limited due to ongoing holiday closures. Market sources noted sluggish rebar sales could dampen scrap buying in the near term. However, sellers held firm on prices, supported by mills showing limited but steady interest to secure short-term scrap needs.
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 $382/t CFR Qasim, up by $2/t compared to the previous day.
Bangladesh: UK-origin shredded prices remained stable d-o-d at $372/t CFR Chattogram.
Turkiye: US-origin HMS (80:20) bulk scrap prices were assessed at $347/t CFR Turkiye, stable compared to the previous day.
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