- Indian buyers hold back, expecting $5-10/t price corrections
- Turkish prices edge down, revival in market activity observed
South Asian imported scrap markets witnessed lacklustre activity today. India and Pakistan were cautious regarding fresh bookings, while Bangladesh was stable on limited buying. Parallelly, Turkiye saw continued pressure from falling deep-sea scrap prices.
India: The Indian imported containerised shredded market remained subdued, with prices holding steady amid weak demand and currency volatility. A leading steel mill had previously booked shredded material at $364-365/t CFR, which has now arrived at Vizag port from Japan and Singapore, while UK/EU shredded offers at $360-365/t CFR Nhava Sheva met limited buying interest, with bids lower at $355-360/t CFR.
Buyers held back, expecting $5-10/t corrections, though many believe prices are already near the bottom. With domestic steel prices under pressure and international markets largely stable, further sharp declines in import prices appear less likely.
Pakistan: The Pakistani imported scrap market remained slow, with only limited trades concluded towards the weekend. UK shredded was initially offered at $372/t CFR, but workable levels were closer to $368/t. Buyers secured small lots, including UK shredded at $368-370/t. In the local market, scrap traded at PKR 138,000-139,000/t ($487-490/t) and rebar at PKR 235,000-238,000/t ($828-839/t).
Bangladesh: The Bangladeshi imported scrap market stayed mostly stable, with Australian-origin shredded offered at $360/t CFR, HMS 1 at $347/t, and HMS at $338/t. Offers for UK/EU shredded were heard at $378-380/t CFR, though buying interest remained limited to $370-372/t CFR, keeping activity muted.
Turkiye: Turkish deep-sea scrap prices continued to decline slightly d-o-d, while there was renewed market activity with US and Baltic-origin cargoes reported in the range of $335-337/t CFR, while EU-origin HMS 80:20 was heard lower at $328/t CFR. However, unfavourable exchange rates made it increasingly difficult for European suppliers to sell at these levels.
Price assessments
India: UK-origin shredded prices rose by $3/t to $361/t CFR Nhava Sheva compared to the previous day.
Pakistan: UK-origin shredded indicatives prices fell by $2/t d-o-d to $368/t CFR Qasim.
Bangladesh: UK-origin shredded prices fell by $1/t at $372/t CFR Chattogram compared to the previous day.
Turkiye: US-origin HMS 80:20 bulk scrap prices stood at $335/t CFR Turkiye, down by $1/t d-o-d.
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