- Rains curb demand from Pakistan, bids stay below offers
- Bangladesh stays muted as mills turn to domestic scrap
South Asian scrap markets stayed muted, with India and Pakistan seeing limited trades, while Bangladesh booked small volumes. On the other hand, Turkiye faced further price declines as mills pressured EU sellers to reduce their offers.
India: The imported scrap market remained largely quiet despite a few fresh offers, with HMS quoted at $330-335/t CFR, shredded at $363-365/t CFR Nhava Sheva, and busheling at $372-375/t CFR. The narrow spread between shredded and busheling, coupled with a $5-7/t bid-offer gap highlighted by Mumbai participants, kept trade activity subdued.
Pakistan: Scrap trading slowed further, as heavy rains dampened sentiment and restricted activity. Qasim witnessed muted demand for imported shredded, with offers at $372-374/t CFR against lower bids of $366-368/t.
Bangladesh: The imported scrap market saw some movement, with a small 500-t deal of AB bundles from Hong Kong to Chattogram concluded at $355/t CFR. However, trading overall remained slow, as mills turned to domestic scrap, while offers for US/New Zealand shredded were heard at $375-378/t CFR against bids of $370-372/t.
Turkiye: Turkish deep-sea scrap prices fell d-o-d, as weak sentiment persisted and fresh trades emerged at lower levels. EU-origin HMS 80:20 was heard at $330-334/t CFR. Prices slipped $7/t w-o-w from $343/t CFR.
Market participants noted that Turkish mills are applying strong pressure to push prices down, with EU sellers showing greater flexibility. The stand-off continued at slightly lower levels, with some EU suppliers willing to compromise within the $330-334/t range.
Price assessments
India: UK-origin shredded prices fell by $1/t to $362/t CFR Nhava Sheva compare to last closing day (friday).
Pakistan: UK-origin shredded indicatives prices remains stable at $371/t CFR Qasim compare to friday.
Bangladesh: UK-origin shredded prices fell by $2/t d-o-d to $372/t CFR Chattogram compare to last closing day (friday).
Turkiye: US-origin HMS 80:20 bulk scrap prices fell by $4/t at $336/t CFR Turkiye compare to friday.
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