- Turkish prices remain stable; weak steel demand persists
- Ramadan slows trade in Ramadan; prices likely to soften
South Asian scrap markets remained cautious on 26 February. India and Bangladesh witnessed selective buying, while Pakistani trade was sluggish amid Ramadan. Turkish prices remained largely stable, as subdued steel demand and firm offers continued to cap broader trading momentum.
India: Imported scrap activity in India remained mixed, with selective deals concluded despite subdued buying interest. A Poland-origin HMS 80:20 cargo was booked at $346/t CFR Mundra. Additionally, LMS from Brazil was booked in late January at $310/t CFR Mundra, with arrival expected within 10-15 days. A separate deal for UK-origin incinerator scrap (around 10% impurities) was heard at $260/t CFR Chennai.
Offers from Australia to Chennai were indicated at above $340/t for HMS 80:20 and $370/t for shredded; however, Chennai-based buyers remained largely inactive due to firm offers. Most Australian cargoes were reportedly diverted to Bangladesh. Containerised shredded offers were heard at $370-380/t CFR Nhava Sheva against bids near $360/t. Buyers in Chennai were instead focusing on relatively lower-priced, readily loaded cargoes from Malaysia, Singapore, Hong Kong, and Thailand. Imported busheling activity remained limited d-o-d amid cautious procurement.
Bangladesh: The imported scrap market in Bangladesh weakened despite selective restocking activity in Chattogram. HMS (80:20) was heard at $355-360/t, with some buyers willing to pay slightly higher levels, while HMS 1 stood at $365-370/t, shredded at $372-375/t, and PNS at $378-380/t. Although some suppliers indicated PNS availability at $372-375/t, negotiations were ongoing toward $380/t.
Pakistan: EU-origin shredded scrap was assessed at $378-380/t CFR Qasim, while UAE-origin offers were heard at $385/t CFR and above, with Dubai-origin HMS indicated at $355-358/t and shredded at $385-387/t. UK-origin shredded was reported near $377/t. Ramadan-led selective trading limited spot liquidity, and although suppliers kept offers firm, market participants indicated prices may soften further in the coming days amid cautious buying.
Turkiye: Deep-sea import scrap prices remained stable d-o-d on 25 February, with US-origin HMS 80:20 heard at $374-375/t CFR, while Baltic material was indicated at $370-372/t. Market activity remained slow amid the Ramadan period and overall weak steel sentiment, with no major deals concluded during the week. Participants indicated that fresh activity may emerge this week but would likely below US sellers’ target levels unless prompt buying interest improves.
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