- Pakistan mills inactive, UAE scrap flow remains thin
- Indian scrap inquiries weak amid unclear price trends
South Asia’s imported scrap market remained sluggish this week, weighed down by subdued buying interest across India, Pakistan, and Bangladesh ahead of Eid holidays. Indian buyers largely stayed on the sidelines, anticipating price corrections amid soft demand. While some distressed offers surfaced, firm bookings were limited. In Pakistan and Bangladesh, market activity slowed further, with mills inactive and shredded offers seeing minimal traction.
Meanwhile, Turkiye’s market stayed flat with cautious sentiment prevailing, as mills delayed fresh purchases due to slow steel sales and holiday slowdown.
Market overview
India: The imported scrap market remained weak as trade activity slowed further. Indian buyers showed limited interest at current offer levels of $370-372/t CFR for EU shredded and around $366-370/t CFR for US shredded. Many preferred to wait, anticipating price drops.
Market participants reported a few distressed offers for shredded scrap at $362-365/t CFR and HMS 80:20 at $340-344/t CFR UK/Europe origin. However, confirmed bookings remained scarce as most buyers opted to hold back.
Offers for HMS 80:20 from West Africa ranged between $355/t and $358/t CFR Nhava Sheva, depending on loading conditions (25-27 t). But response remained muted, with only selective buying at lower levels. Clearer trends are expected to emerge once real workable levels are established in the coming days.
Pakistan & Bangladesh:
Imported scrap activity stayed subdued ahead of Eid, with mills largely inactive. Shredded offers were heard at $374–375/t CFR Qasim, but trading remained limited. UAE-origin export flows to Pakistan were also slow, with some deals reported.
Bangladesh’s imported scrap market stayed muted, with one US bulk deal reportedly concluded on Monday at $373/t, though yet to be confirmed.
Shredded scrap offers were last heard at $376-380/t CFR Chattogram, but buyers stayed sidelined due to the upcoming Eid holidays. Some movement is expected post-holidays, possibly by mid-next week.
Turkiye: Imported ferrous scrap activity in Turkiye remained stable d-o-d. Domestic market activity was low during the holiday but is expected to rebound soon. US scrap export prices had minimal impact on June domestic scrap negotiations, with HMS 80:20 imports steady near $340/t CFR.
Turkish scrap exporters are raising collection costs amid tight material availability. Over May, steelmakers restocked slowly, buying only essential volumes. Sellers held firm on pricing, forcing producers to accept higher costs. Entering June, bearish sentiment grew as mills paused buying ahead of Eid al-Adha, delaying purchases due to poor rebar sales and upcoming holidays.
Price assessments
India: UK-origin shredded indicatives were assessed at $366/t CFR Nhava Sheva, unchanged d-o-d.
Pakistan: UK-origin shredded indicatives stood at $375/t CFR Qasim, down by $1/t d-o-d.
Bangladesh: UK-origin shredded prices were assessed at $376/t CFR Chattogram, inching up $1/t d-o-d.
Turkiye: US-origin HMS (80:20) bulk scrap prices were assessed at $341/t CFR Turkiye, inched up by $1/t d-o-d.
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