- India buying subdued amid weak finished-steel demand
- Pakistan buying slows; Bangladesh offers remain firm
South Asian scrap markets remained mixed on 6 October, with India’s imported scrap market subdued, Pakistan seeing slow buying, and Bangladesh remaining stable. Turkiye’s market held steady, although weaker rebar demand and softer sentiment kept buyers cautious.
India: Imported scrap market remained subdued, with buying activity limited by weak finished-steel demand despite low domestic scrap availability. Containerised shredded scrap prices rose on 6 October amid elevated domestic downstream rates, although a weaker rupee continued to restrict import activity. Buyers were indicating workable levels of up to $405/t CFR Nhava Sheva for shredded scrap.
Recent trades included a Senegal-origin HMS 80:20 and a Mozambique-origin HMS 80:20, both sold at $380/t CFR Mundra. UK HMS 80:20 with 3% impurities was bid at $340/t against offers of $360-365/t, while 1% impurity material was offered at $375/t. UK shredded was offered at $410-415/t and US shredded at $415-420/t.
Pakistan: Imported scrap market remained slow, with prices trending down to stable. Buying activity was largely limited to approved yards, while non-approved yards remained inactive. UK-origin shredded scrap was booked at $412/t CFR Qasim, while 1,000 t of Brazilian sheared HMS was purchased at $392/t CFR Qasim.
Domestic scrap prices were heard at PKR 135,000-138,000/t, while billet prices stood at PKR 215,000-218,000/t. Overall, cautious buying and limited participation kept the market subdued.
Bangladesh: Imported scrap market remained stable, with Malaysian and Singaporean PNS offers at $415-420/t CFR Chattogram, while Malaysian busheling was offered at around $425/t. UK shredded scrap was indicated at $408-410/t, and HMS 80:20 at around $370/t CFR Chattogram.
Turkiye: Deep-sea imported scrap prices in Türkiye remained steady d-o-d on 6 October, although market sentiment softened amid muted trading activity and weaker domestic rebar demand. Sellers were increasingly open to lower levels, with some market participants expecting US suppliers to accept around $400/t CFR Türkiye.
However, the market is expected to remain broadly stable in the short term, supported by Asian holidays and limited regional activity. Premium HMS 80:20 was expected to remain around $400-405/t CFR Turkiye, although further weakness in rebar sales and lira depreciation could add pressure.
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