- Turkiye prices rise on active bookings, tightening supply
- Pakistan demand soft but buying interest still persists
The South Asian and Turkish scrap markets showed mixed trends on 26 March, with cautious buying in India, Pakistan, and Bangladesh amid weak demand offset by rising momentum in Turkiye driven by active bookings, firm sentiment, and tightening supply.
India:The imported scrap market remained cautious, with buyers resisting higher offers and awaiting softer prices. Domestic sentiment stayed weak; however, as per recent government notification, stable energy supply may provide some support.
Imported containerised shredded scrap prices remained largely stable, with limited buying amid a weak rupee (INR 94/$) and subdued downstream demand. A New Zealand-origin HMS cargo was booked at $365/t CFR Chennai, while HMS bundles at $360/t remained on hold due to container shortages. Boring scrap was heard at $335-345/t CFR.
Costa Rica-origin HMS 60:40 was offered at $350/t CFR Chennai, while Malaysia-origin HMS 80:20 stood at $370/t CFR. Singapore-origin material remained higher at $390-400/t CFR, reflecting a widening gap between buyer bids and supplier offers.
Pakistan: Imported scrap market remained largely inactive, with tradable values for containerised shredded scrap in Pakistan heard at $412-420/t CFR Qasim. Although demand softened slightly towards the mid-week, buying interest persists on a selective basis, and prices are expected to remain firm with limited downside.
Bangladesh: Imported scrap market remained cautious, with buying interest staying selective as mills tracked domestic finished steel prices. UK-origin shredded offers were heard above $405/t CFR, while Australian-origin PNS and HMS 1 were also reported at similar levels, with trading activity remaining limited.
Japanese scrap offers were heard higher, with H2 at $390-395/t CFR, H1/H2 (50:50) at $400-405/t, Shindachi at $425-430/t, and HS at $420-425/t. Freight from Japan to Bangladesh was reported at $65-70/t, keeping overall import costs elevated.
Turkiye: Deep-sea imported scrap prices continued to move up today, supported by improving buying interest and firm market sentiment. US-origin HMS 80:20 was indicated around $400-402/t CFR, while recent deals were reported at $394/t for Sweden-origin and $385-390/t for other EU cargoes, pointing to a gradual firming in tradable levels.
Market participants noted that limited US supplier presence could tighten availability further, as mills actively secure cargoes for April shipments. While sentiment remains positive and prices are expected to test $400-405/t, some sellers indicated that the market may stabilise in the short term after the recent sharp increase.
Leave a Reply