- Indian buyers cautious amid oil supply concerns
- Turkish prices edge up as freight costs surge
South Asia imported scrap markets remained mostly firm on 12 March, supported by rising freight costs and the Middle East war-related disruptions. While Turkiye and Pakistan saw price increases, Indian prices stayed stable, while Bangladesh saw prices firming up amid higher offers and cautious buying sentiment.
India: Imported scrap prices in India remained largely stable d-o-d, though market participants expect prices to rise further from the $360+/t levels amid ongoing geopolitical tensions. HMS (80:20) was indicated at $360-365/t CFR Chennai, HMS 1 at $370-375/t, shredded scrap around $385/t, and PNS near $390-395/t. Market sources noted that HMS offers were broadly around $360/t CFR India, while shredded scrap was indicated close to $385/t. However, buyers remain cautious as the current Middle East conflict has heightened concerns over potential oil supply disruptions, adding uncertainty to market sentiment.
Bangladesh: Imported scrap market sentiment in Bangladesh remained firm as the domestic steel market continued to perform well with no major LC constraints. However, the Middle East conflict disrupted material flows and pushed freight rates higher, lifting US-origin bulk offers above $380/t from earlier $373-375/t levels, while Japanese H2 scrap from Kanto increased to around $385-390/t CFR.
Pakistan: Imported scrap prices in Pakistan firmed up d-o-d amid recent deals for UK/EU-origin shredded scrap at $402-410/t CFR Qasim. A market participant noted that “prices had hovered around $415/t earlier, with some suppliers attempting to push slightly higher offers following freight uncertainties linked to the ongoing Middle East conflict.”
Buying interest weakened as buyers lowered workable levels to around $405/t amid softer sentiment. Prices remained volatile with $5-10/t daily swings linked to war developments, while market participants expect workable levels near $410/t CFR Qasim despite limited fresh demand.
Turkiye: Deep-sea imported scrap prices edged up on 12 March as freight rates surged following the Middle East conflict, with US-origin cargo freight rising to $55-58/t and suppliers targeting $380/t CFR but workable near $376/t, while EU-origin offers were around $373/t CFR. However, gains remained limited due to weak downstream steel demand, although mills still need significant April-shipment cargoes, keeping the market watchful for fresh deals.
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