South Asia: Scrap markets range-bound d-o-d as mills stay cautious

• Indian buyers prefer cheaper domestic alternatives
• Rains in Bangladesh dampen construction market

South Asia’s imported scrap markets remained subdued, with limited buying interest as mills in Pakistan, India, and Bangladesh stayed cautious amid weak demand, cheaper domestic alternatives, and ongoing monsoon-related disruptions.

Market overview

India: India’s imported scrap market stayed weak with minimal inquiries, as buyers preferred cheaper domestic alternatives. HMS 80:20 offers from the UK, Brazil, and West Africa were at $330-335/t CFR, while shredded stood at $360/t CFR.

Domestic scrap remained more competitive, with Jalna at INR 30,800/t ($352/t) and Mumbai at INR 31,300/t ($357/t). The cost advantage of local supply, coupled with a bid-offer mismatch, kept buyers cautious and away from fresh bookings.

Pakistan: The imported scrap market here remained quiet, with shredded offers at around $380/t CFR failing to attract much interest. Mills largely stayed on the sidelines, adopting a cautious wait-and-watch stance.

Bangladesh: Bangladesh’s imported scrap market remained slow as persistent heavy rains continued to disrupt construction activity and dampen buying interest. Shredded scrap was heard at $370/t CFR, while HMS 90:10 stood around $350/t CFR and HMS 80:20 was reported in the $335-340/t CFR range. A cargo of 2,000 t HMS 90:10 from Australia was sold at $350/t CFR Chattogram, though overall activity stayed muted.

Turkiye: Turkish deep-sea scrap import prices were unchanged d-o-d, with mills showing little interest in fresh cargoes amid the late-summer holiday slowdown. HMS 80:20 was reported at $346-347/t, while EU-origin material traded in the $334-345/t CFR range.

Demand from Turkish mills stayed weak, with mid- to late-August typically slow. Short-sea scrap demand was absent, while sellers faced vessel shortages, forcing some to delay shipments into September.

Price assessments

India: UK-origin shredded indicatives remained stable compare to last closing day at $365/t CFR Nhava Sheva.

Pakistan: UK-origin shredded indicative prices fell by $1/t at $379/t CFR Qasim compare to last closing day friday.

Bangladesh: UK-origin shredded prices edged up by $3/t d-o-d to $374/t CFR Chattogram compare to friday.

Turkiye: US-origin HMS (80:20) bulk scrap prices stable at $347/t CFR Turkiye compare to last closing day friday.