- India market steady but bid-offer gap persists
- Pakistan shredded scrap prices stable with mild buying interest
Imported scrap markets in South Asia remained steady on d-o-d, with mild buying interest recorded in India and Pakistan. Trading sentiment continued to remain soft since last few weeks in Bangladesh. Meanwhile, sentiment in Turkiye improved on a small uptick in spot trading activity.
India: The Indian imported scrap market showed stable conditions, supported by slightly improved domestic sentiment as Ludhiana prices moved higher. However, bid-offer gaps continued to limit trade. Mozambique HMS 1% was offered at $330 against $325 bids, Poland HMS was heard at $325, and Ireland turning 3% at $310 against $295 bids, while shredded remained unviable with buyers seeking below $350.
Pakistan: Imported shredded scrap prices in Pakistan stayed flat w-o-w at $355-356/t CFR Qasim, with European and UK-origin material assessed near $355/t. Buying activity improved slightly, with some trades concluded at $356/t for shredded. UAE-origin offers remained higher at around $370/t. A tin-can bundle deal was also reported to be under negotiation.
Bangladesh: The imported scrap market remained subdued, with prices easing further on weak buying interest. Australian HMS 80:20 was heard at $330/t, while Hong Kong HMS-PNS mixed cargoes were offered at between $330-335/t. Australian shredded scrap prices remained higher at between $360-365/t CFR, and HMS offers hovered between$345-350/t CFR amid limited trading activity.
Turkiye: Deepsea import scrap prices remained stable w-o-w, with multiple cargoes reportedly traded at firmer levels through the day. Tradable values for US-origin or premium HMS 80:20 were heard at between $355-358/t CFR, mostly centered around $356/t CFR, reflecting a d-o-d uptick driven by active spot interest.
However, the downstream rebar market remained quiet, with limited export and domestic demand keeping mills cautious despite the improved scrap activity. Market participants continued to monitor whether the short-term rise in scrap prices could sustain amid stagnant steel sales.
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