- India sees sharply reduced offers, cautious demand
- Pakistan, Bangladesh stable; Turkiye market stagnant
South Asia’s imported scrap markets stayed subdued, with India seeing lower offers, Pakistan concluding a shredded deal at $365/t CFR, Bangladesh steady despite muted buying, and Turkiye showing mixed trends.
India: The India imported ferrous scrap markets saw sharply reduced offers, with a UAE-based trader reporting HMS (Yemen) at $330/t and LMS at $300/t. Additional offers included HMS from West Africa at $330-335/t and shredded UK/EU at $365/t, with the latest deal concluded at $362/t.
Busheling remained quoted at $375-378/t, though bids were lower at $365-366/t. Turning scrap offers into Nhava Sheva were heard at $320-322/t CFR, reflecting continued cautious demand.
Pakistan: Pakistan’s imported scrap market saw limited activity, with UK shredded initially offered at $372/t CFR but workable levels closer to $368/t. A deal was concluded at $365/t CFR Qasim for 8,000 t, reflecting buyers’ resistance to higher offers.
Bangladesh: The imported scrap market held steady, with Australian shredded quoted at $360/t CFR and HMS 80:20 at $338/t. UK/EU shredded offers hovered at $378-380/t CFR, but limited buyer interest around $370-372/t CFR kept trading activity subdued.
Turkiye: Turkish deep-sea scrap prices showed stability d-o-d, with activity subdued and the market holding largely stable. US/Baltic-origin HMS 80:20 was reported at $335-336/t CFR, while EU-origin cargoes stood lower at $326-328/t CFR.
Participants noted that current low levels appear unsustainable for sellers, but limited deal activity has kept the market stagnant. Rising freight rates and high collection costs added to concerns.
Price assessments
India: UK-origin shredded prices remained stable d-o-d at $361/t CFR Nhava Sheva.
Pakistan: UK-origin shredded indicatives prices remained stable d-o-d at $368/t CFR Qasim.
Bangladesh: UK-origin shredded prices fell by $1/t d-o-d to $371/t CFR Chattogram.
Turkiye: US-origin HMS 80:20 bulk scrap prices stood at $335/t CFR Turkiye, stable d-o-d.
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