- India: Domestic scrap cheaper, imports face limited demand
- Pakistan: Mills cut operations, buyers delay fresh bookings
South Asia’s imported scrap markets remained subdued, with weak steel demand, limited bids, and cautious buying observed in India, Pakistan, and Bangladesh. Turkiye saw slight price gains on freight-driven support.
India: India’s imported scrap market remained muted, with limited buying interest amid slow finished steel demand. Current offers stood as follows: UK and EU shredded at $354-356/t, US shredded at $355-360/t, and US HMS 80:20 at $342/t.
Domestic scrap was cheaper than imports, with a gap of INR 1,500-1,800/t for inland buyers. Seasonal rains and ongoing sponge trials added to cautious market sentiment.
Pakistan: The imported scrap market stayed quiet, with shredded offers at $365-366/t CFR Qasim. UAE shredded was quoted at $380-382/t. Demand for imported scrap remained weak, as mills operated at just 30-35% of their capacity, with many others halting production.
Rebar prices, already sliding for the past two weeks, weighed further on sentiment. Buyers held back from bidding this week, expecting additional price corrections before re-entering the market.
Bangladesh: The Bangladesh imported scrap market stayed largely inactive d-o-d, as mills remained stocked from early September. Offers for US HMS 80:20 bulk stood at $355/t CFR, but bids hovered near $345/t, with the latest deals closing at around $352/t.
As per market insiders, no new projects or demand drivers emerged, keeping investors sidelined. The container market stayed muted, with buyers targeting Malaysia PNS at $370-375/t, while sellers asked $10/t higher.
Turkiye: Deep-sea scrap import prices edged higher d-o-d, though activity remained muted as many participants attended an industry event. Market players took a wait-and-watch approach, with some optimism for Q4 demand as mills plan late-October and early-November shipments.
The increase was supported by firm freight, volatile forex, and high European scrap collection costs. US-origin HMS 80:20 was offered at $350/t CFR and EU-origin at $340/t, with tradable levels at $340-345/t and $335-338/t, respectively.
Price assessments
India: UK-origin shredded prices fell by $2/t to $358/t CFR Nhava Sheva compared to the previous day.
Pakistan: UK-origin shredded indicatives prices fell by $2/t d-o-d to $366/t CFR Qasim.
Bangladesh: UK-origin shredded prices remained stable d-o-d at $371/t CFR Chattogram.
Turkiye: US-origin HMS 80:20 bulk prices stood at $344/t CFR Turkiye, rising by $3/t d-o-d.
Leave a Reply