- Pakistan sees moderate demand ahead of Ramadan
- Slow construction activity limits buying in Bangladesh
South Asia’s imported scrap market remained mixed, with buyers in India staying largely inactive due to high offers, while Pakistan saw moderate restocking ahead of Ramadan. In Bangladesh, weak steel demand and sluggish construction activity kept purchases limited despite some buying interest. Meanwhile, Turkiye’s market remained steady, as mills resisted further price hikes, even as suppliers maintained firm offers.
Price movements were marginal across South Asia, with UK-origin shredded seeing slight increases in India, Pakistan, and Bangladesh, while Turkiye’s HMS prices held firm.
Overall, market sentiment remained cautious amid liquidity concerns, price volatility, and ongoing global economic uncertainties.
Overview
India: Indian buyers remained largely inactive due to high offers, which led to a bid-offer mismatch, further compounded by sluggish finished steel sales. Shredded from the UK/Europe and the US was offered at $380-385/t CFR Nhava Sheva, while bids hovered at around $370-375/t CFR. HMS (80:20) from West Africa and the UK/Europe was heard in the range of $345-355/t CFR.
A steel mill official remarked, “Our imports have been very limited, with most of the volume being arrival cargo.”
Pakistan: Pakistan’s imported scrap market saw moderate buying interest, as some mills restocked ahead of Ramadan, but overall sentiment remained cautious due to price volatility and weak liquidity. UK/Europe-origin shredded scrap was offered at $385-390/t CFR Qasim.
Offers from the UAE for shredded were at $395/t CFR, fabrication at $385/t CFR, and HMS at $370/t CFR.
Bangladesh: Bangladesh’s imported scrap market remained subdued, as weak steel demand and sluggish construction activity kept mills cautious. While some buyers returned for limited restocking, most refrained from large purchases due to ongoing letter of credit (LC) challenges and a lack of government projects.
Offers for Australian shredded stood at $370-375/t CFR Chattogram, US shredded at $365-370/t CFR, and Hong Kong PNS at $378-380/t CFR.
Turkiye: Turkiye’s imported scrap market remained steady, as mills resisted further price increases, while suppliers held firm on offers. US-origin HMS (80:20) from the US/Baltic was assessed at $360/t CFR, with tradable values hovering at around $354-360/t CFR. EU-origin HMS was quoted in the $350-362/t CFR range, with offers at $355/t CFR.
Mills were cautious due to weak end-product demand, though rebar prices inched up d-o-d to $565/t FOB.
Market participants closely monitored US tariff developments, while futures traders signalled reduced expectations for sharp price hikes, suggesting that the recent rise in scrap tags may not sustain.
Price assessment
India: UK-origin shredded indicatives were up by $2/t d-o-d at $380/t CFR Nhava Sheva.
Pakistan: UK-origin shredded indicatives were at $388/t CFR Qasim, up by $3/t d-o-d.
Bangladesh: UK-origin shredded was assessed at $388/t CFR Chattogram, up by $1/t d-o-d.
Turkiye: US-origin HMS (80:20) bulk scrap prices remained unchanged d-o-d at $360/t CFR Turkiye.
Article From bigmint
