- Turkish prices rise on US-origin cargo trade
- Pakistan stays quiet amid cash flow pressures
South Asia’s imported scrap markets remained subdued this week, with limited buying amid weak demand, holiday slowdowns, and liquidity pressures. Meanwhile, Turkiye saw slight price gains, supported by US-origin cargo trade.
India: Indian imported containerised shredded prices remained steady d-o-d, with activity subdued as buyers stayed largely on the sidelines ahead of the Diwali holidays. A trader stated, “Markets are all down and quiet ahead of Diwali and the festival season.”
Offers for UK-origin HMS were at $330-332/t CFR Chennai, while buyers sought $324-325/t. Australia/New Zealand shredded was offered at $350-355/t CFR Chennai, with buyers bidding $345/t. While Hong Kong PNS was quoted at $364-365/t CFR Chennai and Malaysia busheling at $368-370/t CFR Chennai, buyers were interested in procuring material at $362-365/t.
Pakistan: The imported scrap market remained quiet this week due to weak demand, cash flow pressures, and sluggish finished steel sales, with mills focusing on managing liquidity amid high input costs. UK/EU-origin shredded scrap was heard traded at $360-362/t CFR Port Qasim, while UAE-origin material was offered at around $380/t.
Bangladesh: The imported ferrous scrap market remained subdued, with limited buying activity due to persistent rains and weak finished steel demand. Workable levels for Singapore-origin PNS were at around $375/t, while Australian HMS 80:20 offers stood near $345/t CFR and shredded from the same origin was at $364/t CFR. Domestic scrap prices hovered at BDT 47,000-49,000/t ex-yards ($386-403/t).
Turkiye: Turkish deep-sea imported scrap prices rose on 16 October, supported by a US-origin cargo trade as mills continued procuring material for November shipments. Market chatter also indicated a potential EU-origin HMS 80:20 deal at $350/t CFR.
Most participants remain positive on near-term scrap prices, which may find support in firm dry bulk freights. Some buyers remained cautious, noting limited US-origin supply. A few Turkish mills are completing November bookings, while Asian-origin billets attracted renewed interest.
Price assessments
India: UK-origin shredded prices remains stable d-o-d to $352/t CFR Nhava Sheva.
Pakistan: UK-origin shredded prices remians stable d-o-d to $361/t CFR Qasim.
Bangladesh: UK-origin shredded prices stood at $369/t CFR, rise by $2/t d-o-d.
Turkiye: US-origin HMS 80:20 bulk prices were at $354/t CFR Turkiye, up by $3/t d-o-d.
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