- Indian buyers see adequate domestic scrap, sponge availability
- Turkish scrap market stagnant amid steady prices, hesitant buyers
South Asia’s imported scrap market remained largely quiet, with cautious buying prevailing across key regions India, Pakistan, and Bangladesh amid weak finished steel demand and global price uncertainties.
In India, trade stayed thin as mills avoided fresh bookings, relying instead on domestic scrap and sponge iron. Pakistan saw limited deals with buyers resisting high offers due to falling rebar prices and reduced mill operations.
Bangladesh slowed down after an earlier wave of bookings, as mills grappled with poor local demand and a soft finished steel market.
Meanwhile, in Turkiye, imported scrap prices held steady, but buyer resistance persisted despite sellers expressing optimism over a post-holiday recovery.
UK-origin shredded scrap offers remained unchanged in India and Pakistan while edging up slightly by $1/tonne in Bangladesh. US-origin bulk HMS 80:20 offers to Turkiye were also kept unchanged compared to the last close on Friday.
Market overview
India: India’s imported scrap market remained largely inactive as buyers stayed cautious amid sluggish finished steel demand and adequate domestic scrap and sponge iron availability.
Containerised shredded scrap was assessed stable at $370-375/t CFR Nhava Sheva, with bids at $360-365/t. Limited deals were heard at $365-367/t.
UK-origin HMS 80:20 traded at $345-350/t CFR, while West African HMS was booked at $350-360/t.
Despite a slight rise in Turkish scrap prices, Indian mills preferred a wait-and-watch approach, holding back from fresh bulk or long-haul bookings. Overall, subdued buying interest and price uncertainty kept trading volumes thin.
Pakistan: Pakistan’s imported scrap market remained sluggish as mills operated cautiously amid falling local steel prices and weak end-user demand.
UK/EU-origin shredded scrap was offered at $370-372/t CFR Port Qasim, with deals heard in the $365-370/t range, while bids mostly stayed at the lower end.
The persistent bid-offer gap and limited confidence, driven by soft domestic billet and rebar prices and Turkish market volatility, kept trading volumes low.
UAE-origin scrap remained unviable for many at $385-390/t CFR. With mills running below capacity and market participants expecting further corrections, sentiment stayed muted throughout the week.
Bangladesh: The Bangladeshi imported scrap market remained dull with bulk and containerised activity slowing after a flurry of bookings in the preceding weeks. Mills paused fresh purchases due to global pricing uncertainty and weak domestic demand. Australian shredded scrap offers were heard at $380/t CFR Chattogram, while PNS scrap stood at $385-390/t CFR. Singapore PNS was also heard at $390/t CFR.
Local rebar demand stayed weak. Dhaka-based mills offered rebar at BDT 82,000/t but faced low buying interest, while Chattogram mills held levels at BDT 85,000/t. Unofficial discounts of BDT 500-1,000/t were noted in Dhaka, further reflecting soft sentiment.
Turkiye: The Turkish imported scrap market remained largely stagnant with bulk prices holding firm at around $330/t CFR for US-origin HMS 80:20. Mills adopted a cautious, wait-and-see approach due to slow rebar demand and sufficient inventories.
Sellers showed growing confidence that the market had bottomed out, citing firm collection costs in Europe and expectations of price recovery post-Labour Day. However, Turkish buyers remained hesitant, viewing current offer levels as unworkable amid subdued steel sales. Overall, sentiment stayed steady but restrained.
Price assessments
India: UK-origin shredded indicatives were assessed stable at $370/t CFR Nhava Sheva, compared to the last close on Friday.
Pakistan: UK-origin shredded indicatives stood at $368/t CFR Qasim, unchanged compared to the last close on Friday.
Bangladesh: UK-origin shredded prices edged up by $1/t to $380/t CFR Chattogram, compared to the last close on Friday.
Turkiye: US-origin HMS (80:20) bulk scrap prices remained stable at $330/t CFR Turkiye, compared to the last close on Friday.
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