- Pakistan sees panic-driven sales on slow finished sales
- Turkish prices hold firm amid renewed trading activity
South Asia’s imported scrap markets remained slow, with India weighed down by weak demand and floods, Pakistan affected by rains and reduced operations at mills, and Bangladesh cautious on high offers, keeping overall activity muted.
India: Indian buyers maintained a cautious stance in the imported scrap market, with shredded sought at $355/t CFR Mundra and Nhava Sheva. HMS 80:20 from West and South Africa was offered at $340-345/t, though bids stayed lower at $332-335/t. Busheling offers above $375/t were met with resistance at $364-365/t, while turning bids for Nhava Sheva hovered at $310-315/t CFR.
Both imported and domestic scrap activity remained subdued, with floods in Ludhiana and Ganapati festivities in Maharashtra slowing both procurement and finished steel movement. Chennai witnessed minimal trades, reflecting weak demand. Weak finished steel offtake kept buyers hesitant in both imported and local markets.
Pakistan: Pakistan’s imported scrap market remained under pressure, with offers slipping to $370-375/t CFR, as prolonged rains disrupted operations and kept mills running at just 30-40% of their capacity. Panic-driven sales and sluggish finished steel demand dragged prices lower, while margin pressures and weak buying interest signalled a saturated market across key regions.
Bangladesh: The Bangladesh imported scrap market registered fresh Japanese H2 offers at $340-345/t, though buying interest stayed limited, as mills remained cautious amid regional competition. Australian shredded was heard at $380/t CFR Chattogram, while bids lagged at $370/t.
A recent bulk cargo of 28,000 t from Australia was sold to Chattogram, comprising HMS at $345/t CFR, shredded at $350/t CFR, and bonus grade at $355/t CFR.
Turkiye: Turkish deep-sea scrap prices remained firm d-o-d, supported by renewed trading activity, though overall sentiment stayed cautious. Tradable values for US/Baltic-origin HMS 80:20 were heard at $343-345/t CFR, while EU-origin material stood at $336-338/t CFR.
Despite an upward push by suppliers, mills resisted higher offers due to weak finished steel demand, while some sellers chose to divert cargoes into European markets to avoid margin pressure. Buying interest stayed limited, keeping overall trade activity subdued.
Price assessments
India: UK-origin shredded prices remained stable at $364/t CFR Nhava Sheva compared to the previous day.
Pakistan: UK-origin shredded indicatives dropped by $1/t d-o-d to $371/t CFR Qasim.
Bangladesh: UK-origin shredded prices remained stable d-o-d at $374/t CFR Chattogram.
Turkiye: US-origin HMS (80:20) bulk scrap prices were stable at $344/t CFR Turkiye compared to the previous day.
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