- Turkish scrap prices pressured by ample European supplies
- Indian import market remains slow, buyers tread cautiously
Scrap trading momentum remained weak across South Asia, with rains, cautious buying, and bid-offer gaps slowing activity. Turkiye faced pressure from abundant European supply, while Bangladesh saw limited trades despite stable steel prices.
India: The imported scrap market saw some fresh offers but limited deal activity. From Yemen, HMS was offered at $330-335/t CFR, while LMS was reported at $300-305/t CFR, with another LMS offer linked to Nhava Sheva at $303/t CFR. Market participants in Mumbai highlighted a $5-7/t gap between bids and offers, keeping trade muted.
Current offers into India included HMS at $345/t hand-loaded, shredded at $363-365/t CFR Nhava Sheva, busheling at $372-375/t CFR, and turnings at $320-322/t CFR. A narrow spread between shredded and busheling was observed, though seasonal slowdown and cautious sentiment kept buyers inactive.
Pakistan: Scrap trading momentum remained weak as persistent heavy rains disrupted activity and weighed on sentiment. In Qasim, imported shredded scrap saw limited interest, with offers heard at $372-374/t CFR against bids of $366-368/t.
Bangladesh: Imported scrap market showed some movement, though trading stayed slow as mills turned to domestic scrap. Offers for US/New Zealand shredded were heard at $375-378/t against bids at $370-372/t CFR Chattogram, while HMS 90:10 was offered at $355-358/t against bids of $348-350/t CFR.
In the finished steel market, billet prices rose by BDT 1,000/t ($ 8/t) to BDT 66,000/t ($542/t), while rebar remained stable at BDT 75,000-76,000/t ($616-624/t) in Dhaka and BDT 79,000/t ($649/t) in Chattogram.
Turkiye: Deepsea scrap prices slipped d-o-d, pressured by weak market sentiment and ample European supply. Tradable values for EU-origin HMS 80:20 were heard at $328-333/t CFR. Market participants noted that while US sellers aimed to hold firm, abundant European availability and muted Turkish buying appetite kept prices under pressure.
Price assessments
India: UK-origin shredded prices fell by $1/t d-o-d to $363/t CFR Nhava Sheva.
Pakistan: UK-origin shredded indicatives prices fell by $1/t d-o-d at $371/t CFR Qasim.
Bangladesh: UK-origin shredded prices rise by $1/t d-o-d to $374/t CFR Chattogram.
Turkiye: US-origin HMS 80:20 bulk scrap prices fell by $2/t d-o-d at $340/t CFR Turkiye.
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