- Turkish demand subdued amid ample scrap supplies
- Indian demand weak on FY closing, bid-0ffer gaps
South Asia’s imported scrap markets remained largely quiet amid wide bid-offer gaps and weak demand. Indian and Pakistani buyers resisted higher prices, while Bangladeshi buyers’ remained muted post-Eid due to LC issues.
In Turkiye, sentiments turned bearish on account of sluggish steel demand, keeping deep-sea HMS prices flat at around $378/t CFR despite ample availability and limited fresh bookings.
Overview
India: India’s imported scrap market remained quiet as a wide bid-offer gap limited trading activity. Mills remained cautious, awaiting clarity on the proposed 12% safeguard duty on steel imports.
Recent offers for shredded scrap were heard at $395/t and above, while HMS hovered at over $370/t, both above buyer’s expectations. Mills were reportedly seeking shredded at $380-385/t and HMS at $360-365/t, but material was not available at those levels.
Meanwhile, offers for PNS scrap from the UK and other origins were heard at above $390/t, with some indications nearing $400/t CFR with tight availability and stronger supplier expectations.
Pakistan: Shredded scrap offers from the UK/EU to Qasim are currently hovering at over $395/t, with UAE-origin HMS, PNS, and shredded held between $385-400/t. However, trading remains quiet as buyers resist high offer levels.
Market participants commented that, overall, the market remains sluggish with no push for upward rebar pricing.
Domestic demand is muted amid ongoing security concerns in Balochistan, which continue to stall new project activity.
Bangladesh: Bangladesh’s imported scrap market stayed muted post-Eid holidays, as buyers remained cautious and LC issues continued to hamper trading activity. Price levels held steady, with offers for European HMS heard at around $370-375/t CFR and EU-origin shredded at $394-398/t CFR, though actual buying remained limited.
Turkiye: Turkiye’s deep-sea ferrous scrap import market seems flat d-o-d, with prices holding steady amid limited trading activity. Market sentiment turned increasingly bearish throughout the week as steel demand remained sluggish and broader economic uncertainty weighed on buyer confidence.
Indicative tradable values for US and Baltic-origin HMS 80:20 were mostly heard at around $378/t CFR, with most offers falling slightly below or hovering at the $380/t CFR level. Despite good scrap availability, no fresh deals were reported, as mills showed little urgency to restock.
A Turkish mill-side participant said that they expected subdued buying to continue into the week, starting with weak domestic rebar sales. A US recycler also informed, they had been unable to close any deals and have since stepped back from the market.
Price assessments
India: UK-origin shredded indicatives were assessed at $390/t CFR Nhava Sheva, compared to the last closing day.
Pakistan: UK-origin shredded indicatives remained unchanged compared to last Friday’s $395/t CFR Qasim.
Bangladesh: UK-origin shredded indicatives remained stable compared to last Friday at $396/t CFR Chattogram.
Turkiye: US-origin HMS (80:20) bulk scrap prices were stable at $378/t CFR Turkiye compared to the last closing day (Friday).
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