- South Asian markets cautious amid floods, weak demand
- Bangladesh market hit by political instability, dollar scarcity
South Asia’s imported scrap markets remained subdued, with India, Pakistan, and Bangladesh seeing cautious buying amid floods, weak steel demand, political issues, and high inventories.
Meanwhile, Turkiye stayed stable but quiet, with mills keeping new bookings on hold.
India: Indian imported scrap prices remained steady, with offer for HMS 80:20 UK assessed at $325-330/t but buyers were bidding lower and turnings at $300/t. Australian-origin cargoes were heard at $345/t for HMS 90:10, $335/t for HMS 80:20, and $360/t for shredded.
Market sentiment stayed cautious, as buyers hesitated to make purchases amid weak domestic finished steel demand and floods in Ludhiana. Restocking activity is expected to remain muted until winter, with firm price trends likely resuming around January-February.
Pakistan: The imported scrap market remained under pressure, with sluggish finished steel demand keeping prices subdued. Buyers sought $370/t. Floods and high steel inventories further slowed demand, with prices expected to trade between $370-375/t this week.
Bangladesh: Bangladesh’s imported scrap market remained under pressure amid political instability and dollar scarcity. Indicative offers for UK origin included shredded at $375/t, with bids at $360/t, PNS at $365/t, and HMS 90:10 at $345/t.
Australian shredded cargoes were offered at $380/t CFR Chattogram, though buying interest lagged at $370/t, reflecting cautious sentiment among local mills.
Turkiye: Turkish deep-sea scrap prices remained stable, with US/Baltic-origin premium HMS 80:20 assessed at $340-344/t CFR and EU-origin HMS 80:20 at $335-338/t CFR. Market sentiment stayed subdued, as weak finished steel demand limited import activity, and buyers remained cautious, waiting for October shipment cargoes.
US-origin supply remained tight, with sellers focusing on domestic markets. Despite weaker mill price reports, traders said actual selling levels held firm, keeping d-o-d market conditions steady with limited trading activity.
Price assessments
India: UK-origin shredded prices inched up bu $1/t to $364/t CFR Nhava Sheva compared to the previous day.
Pakistan: UK-origin shredded indicatives rose by $1/t d-o-d to $372/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 edged down by $1/t to $343/t CFR Turkiye compared to the previous day.
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