- Turkiye sees limited activity, prices supported by costs
- Tight supply in Pakistan supports market sentiment
South Asian scrap markets on 8 April showed mixed trends, with India facing weak demand, Pakistan witnessing firm prices amid shortages, and Bangladesh seeing stable deals. The Turkiye market remained firm amid limited activity and rising cost pressures.
India: Imported scrap offers to India saw weak buying interest despite firm seller expectations. Shredded offers were heard at $410-415/t CFR Nhava Sheva/Mundra, while buyers targeted around $400/t, with mid- to small-scale players reluctant above $390/t. Availability of premium domestic scrap at INR 38,000-39,000/t ($410-415/t delivered) further limited import appetite, keeping India largely unworkable for bulk suppliers.
HMS offers, earlier above $390/t, were now seen closer to $380/t workable levels, though some quotes remained at $410/t and above. Suppliers continued to divert cargoes to more active markets like Turkiye, where US-origin offers exceeded $400/t. Market sentiment remained highly cautious, with participants expecting stabilization over the next 3-7 days amid ongoing uncertainty.
Pakistan: Brazil-origin shredded (550 t) was offered at $419/t CFR for April loading, with 2.5-3% impurities and longer transit of 50-55 days. UK/EU-origin shredded (2,500 t) was mostly offered at $430-435/t with flexible shipment terms, while Germany-origin cargo (500 t) was heard at $435/t, featuring faster transit (35-40 days) and lower impurities (max 1%).
Market sentiment remained firm amid tight supply, with bids for UK/Europe shredded at $423/t, offers at $430/t, and buyers around $425/t CFR Qasim. However, mills continue to face margin pressure, as higher costs are difficult to pass on due to weak downstream demand.
Bangladesh: Imported scrap prices into Bangladesh remained firm, with Australian offers at $390/t for HMS 80:20, $400/t for HMS 1, and shredded at $420/t, reflecting strong seller expectations. Brazil-origin HMS (sheared, machine loaded with 2-3% impurities) was heard at $375/t CFR Chattogram, while a 1,000 t Hong Kong PNS cargo was sold at $415/t CFR, after earlier offers at $425-430/t were lowered due to buyer bids at $410-415/t, indicating a widening bid-offer gap.
Turkiye: Deep-sea imported scrap prices remained stable to firm on 8 April, with HMS 80:20 assessed at around $402-405/t CFR. Market activity was limited, with no fresh bids reported from Turkish mills and overall sentiment largely unchanged at the start of the week. Downstream, rebar trade also remained subdued, although mills continued to raise export offers amid tightening margins and rising energy costs.
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