- Buying muted in India due to holiday lull
- Pakistan market inactive, mills resist higher offers
South Asia’s imported scrap market saw muted activity d-o-d, with weak demand in India and Pakistan, limited buying in Bangladesh, and Turkiye’s prices remaining steady amid high freights and currency volatility.
India: India’s imported ferrous scrap market remained weak this week, with minimal trading activity as a wide gap persisted between bids and offers. Mills remained cautious about new bookings amid falling DRI prices and sluggish finished steel demand. Indicative levels were reported at $346-350/t for shredded, $315-320/t for HMS, and $320-325/t for PNS from UK/Europe origins, while regional holidays further slowed overall movement.
Market participants reported HMS 80:20 at $320-325/t CFR Chennai, with limited shredded arrivals into the port in recent days. Turnings and borings were heard at around $305-310/t, while price trends in Mundra were largely similar.
Pakistan: The imported scrap market was described as “completely dead” by a source, with demand very slow and yards facing material shortage. Activity, usually strong this season, continues to remain unusually weak. Ideal trading levels hovered around $358-360/t for suppliers and traders, but squeezed mill margins kept buying power below $355/t. Offers were heard at $375/t for UAE shredded and $350-355/t for HMS-PNS mixed material.
Bangladesh: Imported scrap market saw limited activity, with a mill buying 1,000 t of Brazil-origin HMS 90:10 at $330/t and another 1,000 t of HMS 2 bundles at $300/t CFR Chattogram. Australian shredded stood at $368-370/t, supported by high freight and collection costs, while modest interest appeared for Japanese bulk cargoes.
Turkiye: Deep-sea imported scrap market remained largely stagnant, with prices for US/Baltic-origin HMS 80:20 holding around $350-352/t CFR. Trading activity was minimal as buyers stayed cautious amid limited workable offers and uncertain near-term outlooks.
High freight costs and a volatile lira/USD kept Turkiy’s scrap market quiet, as exporters offered early December cargoes but buyers avoided risks amid cost pressures and weak sentiment.
Price assessments (d-o-d)
India: UK-origin shredded prices fell by $2/t at $352/t CFR Nhava Sheva, compared to previous day.
Pakistan: UK-origin shredded prices inched down by $1/t d-od to $356/t CFR Qasim.
Bangladesh: UK-origin shredded prices remained stable at $366/t CFR compared to previous day.
Turkiye: US-origin HMS 80:20 bulk prices were at $350/t CFR Turkiye, stable d-o-d.
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