- Turkiye HMS 80:20 rises to $376/t.
- Pakistan buyers resist elevated shredded offers.
Imported scrap markets across India, Bangladesh, Pakistan, and Turkiye remained largely steady, with limited buying activity. While prices showed slight movements, mills stayed cautious amid weak finished steel demand, seasonal factors, and gaps between bids and offers, keeping overall sentiment restrained.
India: Imported scrap prices into India were largely steady as of 17 February. For CFR Chennai, HMS 80:20 was indicated at $350-355/t, with bids near $345/t, while HMS 90:10 was offered above $360/t. Shredded scrap stood at $372-375/t against bids of $365-366/t, and PNS was quoted at $375-378/t.
HMS cargoes from Africa, Chile, and Poland were offered at $360/t CFR Chennai. PNS from Ireland and Australia was heard at $365-370/t, while turnings were available at $330/t. A deal for HMS at $360/t CFR Mundra was concluded.
Bangladesh: Imported scrap prices into Bangladesh remained firm, with Australian-origin offers indicating steady market levels. HMS 80:20 was heard at $360/t and above, while HMS 90:10 was offered at around $370/t CFR. Shredded scrap was quoted at $380-382/t, with bids reported lower at $372-375/t, reflecting cautious buying interest from local mills despite stable offer levels.
Pakistan: Imported shredded scrap prices remain above buyers’ workable levels, with no overseas purchases concluded so far. Mills expect possible buying activity later this week. Current offers are heard at $382/t from the EU and $385-390/t from the UAE. However, buyers indicate workable levels at $375-378/t for EU-origin shredded and $380-382/t for UAE-origin material, reflecting a noticeable gap between bids and offers.
In the domestic market, rebar prices are reported at PKR 225,000-226,000/t ($805-808/t), billet at PKR 195,000-196,000/t ($697-701/t), bala scrap at PKR 188,000-190,000/t ($672-679/t), and local scrap at PKR 138,000-140,000/t ($493-501/t). Steel mill utilisation rates remain low at around 35-38%, indicating subdued production activity and cautious raw material procurement.
Turkiye: Turkiye imported scrap price largely stable to $376/t for HMS 80:20 CFR, with market sentiment slightly improving d-o-d, despite the marginal uptick, trading activity remained limited.
Buying interest continued to be restrained due to weak finished steel demand, severe weather conditions, and the approaching Ramadan period. So far, only six deep-sea cargoes have been booked in February. Meanwhile, domestic scrap prices remained largely stable week on week, reflecting cautious but steady market conditions.
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