- Pakistan shredded bookings strengthen amid firm freight expectations
- India, Bangladesh demand remains weak, limiting import activity
South Asian imported ferrous scrap trading remained mixed d-o-d on 20 July, with India and Bangladesh witnessing subdued buying amid weak steel demand and poor import viability, while Pakistan’s shredded scrap market strengthened on active bookings. Meanwhile, Turkish deep-sea scrap prices remained stable amid limited trading activity.
India: Imported ferrous scrap trading in India remained subdued, with weak finished steel demand and poor import viability continuing to limit buying interest. Africa-origin HMS 80:20 was heard sold at $330-335/t CFR Mundra for 450-500 t, while around 400-500 t of Malaysia-origin turning was sold at $305/t CFR Chennai and 500 t of Europe-origin turning at $300/t CFR Chennai. UK-origin shredded scrap was quoted at $395-400/t CFR, HMS offers were heard at $335-340/t CFR against buyers’ bids of $325-330/t CFR, while containerised HMS bids were around $310/t CFR.
Pakistan: Imported shredded scrap trading in Pakistan strengthened today, supported by higher UK yard prices, firm freight costs, and exchange rate fluctuations impacting UK-origin cargoes. UK yards were heard seeking around $410/t CFR Qasim, while bids from Pakistani buyers were reported at around $400/t CFR. Meanwhile, Malaysia-origin shredded scrap was offered at $428/t CFR Qasim, reflecting continued upward pressure on import prices despite cautious buying sentiment.
Bangladesh: Imported ferrous scrap trading in Bangladesh remained largely subdued today, with buyers maintaining a cautious stance amid weak steel demand. Market participants said that the few transactions concluded were at lower price levels, while overall trading activity remained limited.
Australia-origin HMS 80:20 was offered at $360-365/t CFR Chattogram, with an Australia-origin HMS cargo heard sold at around $360/t CFR, although the grade and quantity could not be confirmed. Bids for UK/Australia-origin shredded scrap were heard at $375-380/t CFR, while one UK-origin offer was reported at $385/t CFR.
Turkiye: Deep-sea imported scrap trading in Turkiye remained subdued, with weak finished steel demand and limited buying interest keeping prices stable. Tradable values for US- or premium-origin HMS 80:20 were heard at $366-370/t CFR Turkiye, while market participants said prices were unlikely to move above $370/t CFR in the near term unless supply disruptions, such as through the Strait of Hormuz, emerge.
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