- Pak buyers book sizeable volumes from Europe
- Bangladeshi mills refrain from trade amid monsoon
South Asia’s scrap prices remained largely stable d-o-d, with prices unchanged in India and up by $1/tonne (t) in Pakistan and Bangladesh.
India and Bangladesh witnessed sluggish demand, while Pakistan saw a slight pick-up in activity. The Turkish market held steady, supported by firm offers and improving sentiment amid a recent interest rate cut.
Market overview
India: Imported scrap trade in India remained sluggish, with limited buyer interest and cautious sentiment. Most buyers continued to resist current offers, putting downward pressure on prices.
Recent offers included Brazil HMS (2%) at $340-345/t, Yemen HMS and bundles at $335-340/t, and LMS from Yemen at $300-305/t. Sellers highlighted that buyers actively tried to bring down prices, leading to slow deal activity.
Pakistan: Pakistan’s imported scrap market saw a modest revival, though monsoon-driven disruptions impacted mill operations and reduced production capacity. Shredded offers from the EU and the UAE were in the range of $385-395/t CFR.
On the domestic front, scrap was traded at PKR 142,000-145,000/t ($500-510/t), billets at PKR 205,000-210,000/t ($720-738/t), bala at PKR 195,000-198,000/t ($685-696/t), and rebars at PKR 240,000-242,000/t ($845-852/t).
Bangladesh: Bangladesh’s imported scrap market remained quiet, with most mills in a wait-and-watch mode as the ongoing monsoon continued to slow construction activity and dampen finished steel demand.
Shredded offers from Australia were at $375-380/t CFR, but bids remained lower at $368-370/t. Despite multiple offers across grades, deal activity was limited as buyers showed resistance to current prices.
Turkiye: Turkiye’s imported scrap market remained flat d-o-d, with US-origin HMS 80:20 traded at $346-348/t CFR. Baltic-origin scrap was slightly lower at $343-345/t CFR, while US sellers held firm above $350/t.
Rising domestic rebar prices may lift scrap demand. Mills have so far resisted paying higher prices but may be forced to reconsider if finished steel sales pick up and inventory replenishment is needed.
Turkiye’s central bank cut interest rates by 300 basis points to 43% and reduced the rate corridor ceiling to 46%, a move that is likely to boost liquidity and support market activity.
Price assessments
India: UK-origin shredded indicatives were assessed at $360/t CFR Nhava Sheva, stable compared to the previous day.
Pakistan: UK-origin shredded indicatives stood at $383/t CFR Qasim, up by $1/t d-o-d.
Bangladesh: UK-origin shredded prices edged up by $1/t d-o-d at $371/t CFR Chattogram.
Turkiye: US-origin HMS (80:20) bulk scrap prices were assessed at $347/t CFR Turkiye, stable compared to the previous day.
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