- India sees low bids, buyer interest sluggish for shredded
- Turkish import market stable; US recyclers float higher offers
South Asia’s scrap markets remained sluggish amid monsoon disruptions, weak steel demand, and currency pressures, while Turkiye held steady with limited trade but improving sentiment ahead of potential August 2025 restocking.
Market overview
India: Imported scrap trade activity in India remained sluggish, with buyers quoting below offer levels. UK/EU shredded was offered at around $360-365/t CFR, but bids edged closer to $355/t. HMS 1 from Kuwait was seen at $355/t, while buyers were targeting $350/t. UK HMS offers stood at $330/t.
Overall, suppliers found it difficult to secure workable bids as buyers remained cautious. Market participants noted that unless a major supply crunch emerges, import demand is unlikely to pick up meaningfully in the near term.
Pakistan: Pakistan’s imported scrap market remained subduded, with mills largely staying out of the market despite rising offers. European shredded was heard at around $385/t CFR Port Qasim, but sluggish rebar demand, currency instability, and heavy monsoon rains kept buyers hesitant.
Flooding in some regions added to the logistical and operational challenges, further slowing activity. A limited spree of restocking was noted, which helped push offer levels higher.
Bangladesh: Bangladesh’s imported scrap market remained sluggish this week despite a flood of offers. Most buyers stayed on the sidelines, resisting current price levels amid weak finished steel demand and ongoing monsoon disruptions.
Poor rebar sales and heavy rains kept sentiment weak in Bangladesh. HMS 90:10 (Australia/New Zealand) was offered at $345-350/t CFR, with bids around $335/t. HMS 80:20 offers stood at $335-340/t CFR, but buyer interest remained low.
Turkiye: Turkiye’s imported scrap market remained steady d-o-d, with limited deepsea activity keeping HMS 80:20 from the US and Baltic at a tradable level of $347/t CFR. Deals were scarce, though US recyclers floated offers above $350/t CFR, indicating firmer sentiment.
Market participants saw early signs that Turkish mills may begin restocking for August, though buying stayed quiet. Expectations of better finished steel sales are boosting sentiment.
More deepsea deals are likely in the coming weeks if mills proceed with restocking amid rising price expectations.
Price assessments
India: UK-origin shredded indicatives were assessed at $360/t CFR Nhava Sheva, down by $1/t compare to previous day.
Pakistan: UK-origin shredded indicatives stood at $382/t CFR Qasim, stable d-o-d.
Bangladesh: UK-origin shredded prices edge down by $2/t d-o-d at $370/t CFR Chattogram.
Turkiye: US-origin HMS (80:20) bulk scrap prices were assessed at $347/t CFR Turkiye, stable compared to previous day.
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