- Bangladesh scrap and rebar markets stay dull
- Rupee decline curbs India’s scrap buying interest
Imported scrap markets stayed weak across South Asia and Turkiye. India’s shredded scrap held near $346/t CFR as a weaker rupee curbed buying. Pakistan saw offers around $352-355/t CFR amid thin demand. Bangladesh remained subdued with bids near $355/t CFR. Turkish deep-sea prices hovered close to $370/t CFR with limited trades.
India: Indian imported containerised shredded scrap prices remained steady as the sharp fall in the rupee slowed buying interest. Shredded scrap hovered around $346/t CFR Nhava Sheva, but the stronger dollar discouraged bookings, with buyers stepping back unless material was urgently needed. The rupee touched record lows near INR 90.41/$, further weakening import sentiment.
Pakistan: The imported scrap market stayed sluggish, with trading sentiment weak and activity minimal. Buyers showed interest only at lower workable prices, keeping demand focused within a narrow range. Offers for Pakistan scrap were reported at around $352-355/t CFR.
Bangladesh: Bangladesh’s imported scrap and downstream rebar markets remained dull, with buyers noting that bids for Australian-origin containerised shredded scrap were heard around $355/t CFR Chattogram against $365/t, reflecting weak buying appetite and cautious market sentiment.
Turkiye: Turkish deep-sea import scrap prices remained stable, with limited deal activity keeping market direction uncertain. HMS 80:20 hovered around $370/t CFR, market sentiment was mixed as procurement remained challenging and freight rates began firming up again, hinting at potential demand ahead.
Despite tight domestic supply in the US and Europe, Turkish mills were reluctant to pay higher prices, with many resisting levels near $370/t CFR amid margin pressure.
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