- India: Poor import viability keeps mills on the sidelines
- Pakistan: Containerised bookings improve amid firmer shredded prices
South Asia: Imported ferrous scrap markets remained mixed on 16 July as poor import viability and cautious buying limited activity in India and Bangladesh, while Pakistan saw improved containerised bookings. Turkiye’s deep-sea scrap market remained stable amid muted demand and mixed price expectations.
India: Imported ferrous scrap trading remained subdued on 16 July as poor import viability and wider bid-offer gaps continued to restrict buying activity. Mills, particularly in South India, increasingly relied on sponge iron and other alternative metallics, while seasonal weakness during the local “Aadi” month further dampened procurement. Market participants expect import bookings to resume after August.
A 100 t cargo of Europe-origin turnings was sold at $291/t CFR Mundra. West Africa-origin HMS 80:20 was offered at $340-345/t against bids at $330-335/t, while Australia-origin HMS was heard at $335-340/t CFR Chennai against buyer indications near $310/t. Shredded scrap offers remained above $380/t CFR on the west coast and around $360-370/t CFR Chennai, with no fresh bulk import deals concluded during the day.
Pakistan: Imported shredded scrap trading strengthened on 16 July as buying activity improved and mills concluded several containerised bookings. UK-origin shredded scrap was heard sold at $397/t CFR Qasim and later at $405/t CFR, while UK-origin blue steel and short steel were booked at $421/t CFR and $415/t CFR, respectively. EU-origin new production scrap (NTP) was also heard traded at $415/t CFR Qasim.
Bangladesh: Imported ferrous scrap trading remained subdued as buyers maintained cautious procurement and resisted higher offer levels. Singapore-origin PNS was offered at $390/t CFR Chattogram against bids at $385/t, while Chile-origin PNS+HMS 1 was bid at $370/t CFR. Australia-origin HMS 90:10 was offered at $365-370/t CFR, Brazil-origin HMS at $350-355/t CFR, and shredded 211 grade at $380/t CFR, with no fresh deals reported.
Turkiye: Deep-sea imported ferrous scrap prices remained stable on 16 July as limited trading activity and weak finished steel demand continued to keep mills on the sidelines. Market sentiment remained mixed, with subdued buying interest weighing on prices.
Tradable values for US-origin HMS 80:20 were heard at $369-370/t CFR. While some participants expected further price pressure due to muted activity, others anticipated a slight uptick in prices amid elevated freight rates and limited US-origin offers.
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