- Turkiye steady, but mills face mounting financial strain
- Pakistani buyers resist price cuts, trade remains thin
South Asian scrap markets showed subdued activity today, with India and Pakistan seeing limited buying, Bangladesh weighed down by monsoon disruptions, while Turkiye’s deep-sea scrap prices held steady amid cautious sentiment and financial strain at local mills.
Market overview
India: India’s imported scrap market stayed subdued today, with limited buying interest and muted trade activity. Shredded from Europe was heard workable at around $365/t, while US-origin shredded had no firm offers in the market.
From Australia, 80:20 was heard at $335-340/t CFR, though most shipments were heading to Indonesia, where 90:10 traded near $330/t CFR. Some inquiries for shredded at $360-362/t CFR India emerged from Australia, but possibilities remained limited.
Pakistan: Pakistan’s imported scrap market remained quiet today, with offers steady at $380-383/t CFR Qasim, while workable levels were closer to $376-378/t. Some selective buying was noted for UAE-origin material at $390/t, though most mills stayed inactive.
In the domestic market, local scrap held firm at PKR 138,000-140,000/t, while billet traded at PKR 200,000-202,000/t. Sellers resisted price cuts despite sluggish rebar sales squeezing mill margins, leaving overall activity limited.
Bangladesh: Bangladesh’s scrap import market stayed stable d-o-d, with heavy monsoon rains further dampening demand. Containerized HMS 80:20 was heard around $355/t, while offers for Australian shredded edged up to $375/t, compared with last trades at $370/t.
Mills remained cautious and refrained from aggressive bookings, leaving market momentum sluggish.
Turkiye: Turkish deep-sea scrap prices held steady amid thin market activity, as both buyers and sellers stayed in wait-and-watch mode. Sentiment remained cautious following reports of Turkish mills facing financial strain, with Alter Iron and Steel being the latest to declare a concordat under the country’s tight monetary policies aimed at curbing high inflation.
Tradable levels were reported at $342-344/t CFR for EU-origin HMS 80:20, which Platts normalized to $345-347/t CFR for high grade HMS 80:20. US and Baltic-origin cargoes were heard slightly higher at $347-348/t CFR.
Price assessments
India: UK-origin shredded indicatives were down by $2/t at $366/t CFR Nhava Sheva, compared to previous day.
Pakistan: UK-origin shredded indicatives stood at $380/t CFR Qasim, stable d-o-d.
Bangladesh: UK-origin shredded prices stable at $375/t CFR Chattogram compared to previous day.
Turkiye: US-origin HMS (80:20) bulk scrap prices were stable d-o-d at $346/t CFR Turkiye.
Leave a Reply