- High freight costs, cautious demand keep Turkiye stable
- Low bids from Indian mills make trades unprofitable
South Asia’s imported scrap markets remained subdued, with limited buying interest across India, Pakistan, and Bangladesh, while Turkiye saw stability amid higher freights, tight margins, and cautious mill demand.
India: The imported scrap market remained subdued, with minimal restocking interest from mills. Shredded was offered at $350-355/t from New Zealand and Australia and $360-365/t into Chennai and Nhava Sheva. Buyers showed little interest, targeting much lower levels of around $350/t for shredded and $320/t for HMS, making trades loss-making and keeping the market inactive. UK/EU-origin indicatives were heard at $355/t for shredded, $325/t for HMS 80:20, and $360-365/t for busheling.
Pakistan: The imported scrap market saw limited activity today, as buyers stayed cautious amid steady offers. EU/UK shredded hovered at $365-370/t CFR Qasim, while UAE material was slightly higher at $385-388/t, with few deals heard.
Bangladesh: The imported scrap market in Bangladesh remained largely unchanged, with limited buying interest from mills keeping trade activity muted. Offers for HMS 80:20 and 90:10 from Brazil and Chile were heard at $350-360/t CFR Chattogram, while Argentina-origin HMS 90:10 was quoted at $355/t. UK/EU shredded was offered at $375/t, against bids in the $370-372/t range.
Turkiye: Deep-sea imported scrap prices in Turkiye remained stable d-o-d, supported by firmer freights. High freight costs and tight margins pressured buyers and sellers. US/Baltic-origin HMS 80:20 was traded at $346-348/t CFR, while participants awaited fresh deals after last week’s Baltic and EU-origin sales.
On the finished steel side, rebar prices firmed with scrap costs, but weak end-user demand and uncertain downstream conditions left mills cautious about sustaining higher levels.
Price assessments
India: UK-origin shredded prices fell by $1/t d-o-d to $356/t CFR Nhava Sheva.
Pakistan: UK-origin shredded indicatives fell by $1/t d-o-d to $365/t CFR Qasim.
Bangladesh: UK-origin shredded prices fell by $1/t d-o-d to $370/t CFR Chattogram.
Turkiye: US-origin HMS 80:20 bulk prices were at $348/t CFR Turkiye, stable d-o-d.
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