- Turkish mills await finished steel demand recovery in Sep’25
- Wide bid-offer gaps of $10-20/t limit fresh trades in India
South Asia’s imported scrap markets remained stable d-o-d but sluggish, with mills in India, Pakistan, and Bangladesh cautious amid weak steel demand and heavy rains, while Turkiye’s market held steady on thin activity and expectations of a recovery in September.
Market overview
India: India’s imported scrap market was sluggish, with US-origin HMS 80:20 offers at $340/tonne (t) for 40 ft containers against bids of $320/t. Yards held back material as a $10-20/t bid-offer gap limited activity, while CFR levels stood at $340/t for HMS and $370/t for shredded at Mundra.
Buyers stayed cautious amid the bid-offer mismatch, avoiding fresh inquiries, while suppliers maintained firm asking prices despite weak mill interest.
In the bulk segment, shredded was workable at $350/t CFR, though suppliers sought $10-15/t more for the same cargoes. Containerised shredded bids remained at $360-365/t CFR Nhava Sheva, reflecting the slow pace of demand.
Pakistan: Pakistan’s imported scrap market saw subdued activity, with shredded offers hovering near $380/t CFR but drawing little response from buyers. Mills maintained a wait-and-watch approach, while suppliers from the UAE kept their positions firm without pushing aggressive sales.
Bangladesh: Bangladesh’s imported scrap market stayed muted, as mills avoided fresh purchases amid weak demand. Offers stood at $372/t CFR for PNS, shredded at $370-374/t CFR from Australia, Hong Kong-origin PNS at $385/t, and Malaysian busheling at $390/t CFR. Heavy rains continued to disrupt construction activity, further weighing on buying interest.
Turkiye: Turkish deep-sea scrap import prices held largely stable, with tradable levels for HMS 80:20 at $346-347/t CFR. Market activity stayed thin, as only a few mills showed buying interest, while rising freight costs and high interest rates added to the cautious stance.
Demand may recover in September if finished steel sales improve, but the summer holiday season is expected to keep activity muted for now.
A market participant commented, “Mills expect US-origin scrap at $343-345/t, EU at $336-338/t, and Baltic at $340/t. Suppliers resisted these levels, citing tight availability, high collection costs, rising freights, and unfavourable euro-dollar exchange rates.”
Price assessments
India: UK-origin shredded indicatives remained stable d-o-d at $365/t CFR Nhava Sheva.
Pakistan: UK-origin shredded indicative prices remains stable d-o-d at $380/t CFR Qasim.
Bangladesh: UK-origin shredded prices edged down by $3/t d-o-d to $371/t CFR Chattogram.
Turkiye: US-origin HMS (80:20) bulk scrap prices were up by $1/t d-o-d at $347/t CFR Turkiye.
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