- Indian buyers cautious amid weak steel demand, monsoon
- Turkish mills start restocking, scrap recovers marginally
South Asia’s imported scrap markets remained under pressure d-o-d, as weak demand, monsoon disruptions, and geopolitical uncertainties weighed on buyer sentiment. India saw limited trade with buyers cautious amid soft steel sales and freight concerns linked to the Middle East conflict.
In Pakistan, despite steady offers, shipment delays and new duties on re-rollable scrap kept mills on the sidelines. Bangladesh’s market remained quiet post-Eid, with sluggish construction activity and few mills operating at full capacity.
Meanwhile, Turkiye saw a slight recovery in bookings as mills moved to restock, though weak rebar demand kept overall sentiment cautious across the region.
Market overview
India: India’s imported scrap market remained sluggish with limited trade activity as weak finished steel demand, monsoon disruptions, and high inventories kept buyers on the sidelines. Although there was interest in arriving cargoes, fresh bookings slowed amid uncertainty over freight costs due to the Iran-Israel conflict.
Shredded scrap was offered at $355-360/t CFR, but tradable levels hovered lower at $350-355/t. HMS from West Africa was heard at $335-340/t, while UK busheling bids reached $365-370/t.
Domestic sponge iron and scrap remained more affordable, discouraging imports. Sellers turned cautious, holding back offers in a wait-and-watch mode as market sentiment stayed bearish.
Pakistan: Pakistan’s imported scrap market witnessed cautious activity as geopolitical tensions caused shipment delays, pushing up freight costs and scrap offers. UK/Europe shredded was offered at $370-375/t CFR Qasim, with limited deals concluded, while UAE shredded reached $385/t and HMS hovered at around $360-368/t. Although some buying interest emerged, demand remained weak and buyers were reluctant to book amid long transit times and unclear market direction.
A reduction in ACD provided slight relief, but the newly imposed 5% duty on re-rollable scrap is expected to lift local scrap prices. Overall, sentiment stayed uncertain with buyers waiting for stability before making large-volume commitments.
In the domestic market, scrap prices stood at PKR 135,000-140,000/t ($475-493/t) while rebars were at PKR 235,000-240,000/t ($827-845/t) ex.
Bangladesh: Bangladesh’s imported scrap market remained subdued post-Eid, with sluggish demand amid slow construction activity and monsoon disruptions. Only a few mills were actively operating, as weak rebar sales and limited government project support dampened sentiment.
Australian shredded scrap was sold at $370/t CFR Chattogram, but fresh buying interest was seen lower at $365/t. HMS 80:20 was offered at $345/t, with bids at around $340/t, while PNS offers stood at $380/t against bids of $370/t.
Local rebar prices continued to decline, ranging between BDT 81,000-82,000/t ($663-671/t) in Dhaka and BDT 83,000-84,000/t ($679-687/t) in Chattogram, reflecting limited downstream momentum. Overall, market activity was slow, with mills avoiding large bookings amid cautious sentiment and poor construction demand.
Turkiye: Turkiye’s imported scrap market saw a slight uptick as mills re-entered the market to restock after depleting inventories. HMS 80:20 was assessed at $345/t CFR, unchanged d-o-d, with confirmed US-origin deals at this level, including PNS at $365/t. EU and Baltic-origin scrap was heard between $335-341/t CFR, though some deals remained unverified. While sellers held firm on prices, mills showed limited aggression in booking due to persistently weak finished steel demand.
Rebar export prices remained flat at $540/t FOB. Despite restocking activity, overall sentiment stayed cautious, with market participants closely monitoring demand trends before committing to further bulk purchases.
Price assessments
India: UK-origin shredded indicatives were assessed at $360/t CFR Nhava Sheva, down by $1/t d-o-d.
Pakistan: UK-origin shredded indicatives stood at $374/tt CFR Qasim, down by $1/t d-o-d.
Bangladesh: UK-origin shredded prices were assessed at $370/t CFR Chattogram, down by $3/t d-o-d.
Turkiye: US-origin HMS (80:20) bulk scrap prices were assessed at $345/t CFR Turkiye, unchanged d-o-d.
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