- Turkish buyers stay on sidelines amid weak rebar demand
- Pak, Bangladesh seek softer prices amid monsoon slowdown
The South Asian imported scrap market remained sluggish, as Bangladeshi and Pakistani mills resisted high offers amid weak steel demand, while India too witnessed muted activity due to festive holidays. Export demand supported UAE prices, but domestic markets remained under pressure due to weak buying.
Turkiye: Turkiye’s imported scrap market moved mostly sideways through the week, with prices of US/Baltic-origin HMS 80:20 hovering in the $345-350/t CFR range and EU-origin near $340/t CFR. A few mill deals for September shipment were reported early, but broader market activity was limited as many participants were away on holiday.
Sentiment stayed muted, weighed down by sluggish finished steel sales and weak rebar demand, which curbed mill’s appetite for fresh cargoes. While sellers resisted deeper price cuts, buyers preferred to stay on the sidelines, expecting little change until steel fundamentals improve.
India: India’s imported scrap market stayed quiet, as weak steel demand and competitive domestic alternatives curbed appetite. EU busheling hovered near $380/t CFR, shredded at $360-365/t, and Australian HMS 80:20 at $330-340/t, but buyers resisted, keeping workable ideas closer to $300-305/t. US and UK shredded held at $370-375/t, while UK HMS 80:20 was $334/t CFR, stable.
Market sentiment was shaped by subdued steel demand, high domestic sponge iron and scrap availability, and cautious buying ahead of further price clarity. Holiday interruptions also dampened activity, reinforcing mills’ wait-and-watch stance as sellers faced pressure to adjust in a slow market.
Pakistan: Pakistan’s imported scrap market stayed subdued, as monsoon slowdown and weak steel demand curbed trades. A deal for EU shredded closed at $380/t CFR Qasim, while UAE shredded offers at $395-400/t met resistance, alongside HMS at $375-378/t CFR.
Daily booking volumes remained small, ranging between 500-1,500 t, as nearly half of the country’s 25 major importers stayed inactive. Workable levels clustered around $380/t CFR Qasim, with limited appetite for bulk purchases and participants preferring to wait for clearer demand signals.
Bangladesh: Bangladesh’s imported scrap market remained muted throughout the week, with mills showing little urgency to book cargoes amid weak steel demand and persistent monsoon rains. Buyers resisted prevailing offers, waiting for softer levels before committing to fresh deals.
Australian HMS 80:20 offers stood at $340-345/t CFR, while shredded from Malaysia and Australia was quoted at $365-380/t against bids near $365/t. Australian busheling held at $385-390/t, and Hong Kong PNS at $380/t, though buyers preferred $370-375/t.
Japan: H2 export prices were assessed at JPY 41,700/t ($282/t) FOB Tokyo Bay, stable w-o-w.
Vietnam: Imported scrap prices in Vietnam rose w-o-w, with Japanese H2 at $313/t CFR and US HMS 80:20 bulk at $333/t CFR. A 20,000-t H2 lot was booked in the Kanto tender at $320-325/t CFR amid tight supply and Chinese support.
Domestic scrap demand remained steady, with some buyers preferring local material over imports due to quicker delivery timelines.
UAE: BigMint’s UAE domestic HMS index rose AED 30/t to AED 1,235/t ($336/t), supported by export demand despite weak buying by domestic mills. Deals for HMS were closed at AED 1,235-1,240/t, shredded AED 1,300-1,325/t, while exports stayed firm with shredded at $395/t CFR Qasim.
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