- India’s imported scrap market remains quiet
- Turkish mills wait for steel market to improve
South Asian scrap markets stayed largely stable amid cautious buying and thin trade. While Pakistan and Bangladesh saw limited deals at firm prices, Indian buyers remained inactive as imported scrap offers stayed unworkable and preferred to rely on domestic alternatives.
Market overview
India: Imported scrap trading activity in India remains muted, as current price levels are seen as unworkable for most buyers. Mills are largely inactive in the seaborne market and continue to meet their requirements through routine domestic scrap procurement.
Recent indications include shredded scrap at $365/t delivered to Mandi, HMS 1 offers from Bahrain at around $345/t CFR, and shredded offers from UK/Europe/US at $375/t CFR, with buyer interest capped at $360/t.
Pakistan: Pakistan’s imported scrap market remained stable amid limited activity. UK-origin offers were last heard at $380-385/t CFR, while deals from the UAE included sheared HMS at $378/t CFR Qasim and fabrication scrap at $395/t CFR.
Current shredded offers from the UAE were around $400/t, with sheared HMS at $375/t CFR. Buyers stayed cautious amid unclear price direction, weak domestic steel demand, and ongoing currency volatility, keeping overall sentiment subdued.
Bangladesh: The Bangladeshi scrap market remained mostly stable, with billet and rebar prices beign rangebound. Billet was assessed at BDT 67,000/t ($551/t) in Dhaka and BDT 66,500/t ($547/t)on full cash basis. Rebar offers stood at BDT 76,000-77,000/t ($625-633/t) amid steady demand but limited restocking.
Imported scrap offers were heard at $348/t CFR for HMS 80:20, $350/t for 90:10, and $352/t for PNS. Importers stayed cautious due to volatile freight and demand.
Local scrap offers hovered around BDT 48,000/t ($395/t), with prices adjusted to mill requirements.
Turkiye: Turkish deepsea ferrous scrap import prices remained unchanged, with US/Baltic-origin HMS 80:20 assessed at $345-350/t CFR and EU-origin at $339-342/t CFR. Trading activity was limited as mills stayed cautious amid weak finished steel demand.
Some mills may return for September bookings, but most remain inactive. Muted demand for rebar and flats continues to weigh on sentiment. Without stronger billet or steel recovery, prices are likely to stay rangebound.
Price assessments
India: UK-origin shredded indicatives edge down by $1/t at $364/t CFR Nhava Sheva, compared to the previous day.
Pakistan: UK-origin shredded indicatives stood at $380/t CFR Qasim, stable d-o-d.
Bangladesh: UK-origin shredded prices edge down by $1/t d-o-d at $373/t CFR Chattogram
Turkiye: US-origin HMS (80:20) bulk scrap prices were stable d-o-d at $346/t CFR Turkiye.
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