- Indian buyers more keen on cheaper domestic scrap
- Turkiye sees renewed buying interest, prices rise
In South Asia, imported ferrous scrap prices were range-bound d-o-d, with India and Bangladesh seeing a slight uptick, while tags were stable in Pakistan.
In India, UK-origin shredded was priced at $375/t CFR, up $3/t d-o-d, though the market was cautious. Meanwhile, in Pakistan, prices of the same grade held firm d-o-d at $383/t CFR despite a sluggish market. Bangladesh, in contrast, saw strong demand, and consequently, UK-sourced shredded rose by $3/t d-o-d to $385/t CFR.
Meanwhile, in Turkiye, prices of US-origin HMS (80:20) increased by $1/t d-o-d to $349/t CFR, supported by fresh deals.
India: Indian buyers were hesitant towards purchasing imported scrap amid weak market conditions and competitive domestic pricing. Mills and traders exercised caution, holding back from bulk purchases and awaiting clearer price trends.
In the coming weeks, global scrap prices and trends in domestic demand are likely to be the major influences on India’s import activity.
Offers for imported scrap in India were largely firm d-o-d, with minor fluctuations. HMS (80:20) was at $353-355/t CFR, HMS (90:10) at $366/t CFR, and shredded at $375/t CFR. Bulk offers from the US and EU for shredded and HMS (-10) were heard at $375/t CFR Kandla, while mixed materials were being offered in the range of $370-372/t CFR.
However, buyers bid lower, with inquiries at around $364-365/t CFR, reflecting cautious sentiment amid weak market conditions.
Recently, a deal was heard for 700 t of Brazilian-origin busheling, which was concluded at $385/t CFR Mundra for ready delivery.
Pakistan: Pakistan’s imported ferrous scrap market remained sluggish, with reduced buying interest and softening EU-origin offers. Suppliers targeted $380/t or higher, while buyers prioritised premium-grade material from trusted sources.
Bangladesh: Bangladesh’s imported scrap market remained active, with recent deals reflecting steady demand.
A 1,000-t cargo of Hong Kong-origin PNS was booked at $390/t CFR Chattogram, alongside 1,500 t of UAE-origin heavy PNS and fabrication at the same price. Transactions were settled via letters of credit (LCs).
Market sentiment was bullish, likely driven by pre-Ramadan restocking. However, whether this momentum will sustain beyond the festive period remains uncertain.
Turkiye: Turkiye’s HMS (80:20) import prices saw a slight uptick d-o-d, supported by multiple transactions that boosted seller confidence.
A recent US-origin deal placed HMS (80:20) at $349/t CFR, while shredded and PNS were priced at $369/t CFR.
Indicative tradable levels for US/Baltic-origin HMS (80:20) ranged at $350-355/t CFR, with a confirmed Baltic-origin deal concluded at $349/t CFR.
Price assessments
India: UK-origin shredded indicatives were assessed at $375/t CFR Nhava Sheva, up by $3/t compared to the previous day.
Pakistan: UK-origin shredded indicatives were at $383/t CFR Qasim, stable d-o-d.
Bangladesh: UK-origin shredded was assessed at $385/t CFR Chattogram, up by $3/t d-o-d.
Turkiye: US-origin HMS (80:20) bulk scrap edged up by $1/t to $349/t CFR Turkiye compared to the previous day.
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