- Pakistan’s imports affected by dollar shortage
- Bangladesh remains quiet, no US bulk offers heard
South Asia’s imported scrap markets stayed quiet today, with cautious sentiments heard in India, Pakistan, and Bangladesh. Prices remained mostly stable, but weak demand, currency volatility, and year-end holiday slowdowns continued to limit trading activity across the region.
India: Buying interest in India’s imported scrap market remained limited, keeping demand subdued despite a few spot transactions. Shredded scrap was indicated at about $355/t, while UK-origin HMS was heard at $323/t. Western Australia-origin HMS bids stood at around $335/t against seller expectations of $340/t, and LMS was available at roughly $305/t. Indicative levels for EU-origin material were reported at $345-350/t CFR Nhava Sheva/Chennai for shredded scrap and $316-320/t for HMS 80:20.
Pakistan: Pakistan’s imported scrap market remained subdued, with prices assessed at $355-358/t for imported material. Shredded scrap offers were heard near $360/t, but buying interest was weak amid year-end slowdowns.
Market sources said that continued shortage of US dollars has further constrained import activity, as currency exchanges are offering only limited amounts. This has forced buyers to either accept unfavourable exchange rates or delay payments, keeping transactions restricted.
Bangladesh: The imported scrap market saw scant movement today, with trading activity remaining limited. Australian-origin HMS 80:20 was reported sold at $335/t CFR Chattogram for 1,000 t, while offers were heard at $360-362/t for Australian shredded and $360–366/t for PNS from Singapore and Hong Kong. Bulk offers from the US were scarce.
Turkiye: Deep-sea imported scrap prices remained stabled-o-d on 24 December with overall market activity slowing ahead of the Christmas holidays. Despite quiet conditions, around three deals were heard over the past two days as some mills stepped in to cover immediate scrap requirements. Seller sentiment remained firm due to tight availability, with the a stronger EURO continuing to support EU-origin offers.
In the downstream market, a few Turkish mills were reported to be testing higher rebar offer levels despite seasonally weak demand.
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