- Turkiye: Fresh deals heard even as deep-sea scrap prices stay stable
- Pakistan: Buyers delay September bookings awaiting lower scrap prices
South Asian imported ferrous scrap trades remained muted on 5 August, with mills across India, Pakistan and Bangladesh limiting purchases amid weak demand and poor import economics. Turkish deep-sea prices stayed broadly stable, supported by firm US-origin offers.
India: Imported ferrous scrap buying remained cautious as weak steel demand and poor import viability continued to discourage fresh bookings. Mills maintained lower bid levels, with UK-origin HMS 80:20 buyers indicating around $315/t CFR against offers of $325-330/t CFR. UK-origin shredded scrap was offered at $395-400/t CFR, although no fresh bookings were reported, while Africa-origin HMS (pure casting mix) was heard at $322-325/t CFR.
Market participants noted that most cargoes currently arriving in India comprised lower-grade materials such as turnings and light HMS, with limited availability of prime grades like HMS 80:20 and shredded scrap. During the day, a 500 t Chile-origin HMS 1 cargo was heard sold at $343/t CFR Mundra.
Pakistan: Imported ferrous scrap trading remained subdued as most buyers deferred purchases in anticipation of lower prices for September shipments. Offers continued to circulate, but buying interest remained limited amid uncertain market sentiment. Only a few buyers were active, with workable shredded scrap levels heard at $410-415/t CFR, while domestic scrap traded at PKR 152,000-154,000/t ($547-555/t).
Bangladesh: Imported ferrous scrap buying remained subdued as mills resisted higher offers amid weak steel demand and persistent LC-related banking constraints, which continued to restrict imports and force greater reliance on domestic scrap. Local scrap and rebar prices softened, with the spread between domestic and imported scrap remaining around $6-7/t. Bulk HMS was offered at $390-395/t CFR against buyer bids near $385/t CFR, while US-origin HMS remained the most competitive at around $375-380/t CFR.
Turkiye: Imported deep-sea ferrous scrap prices remained largely stable, although several fresh bookings were concluded at slightly lower levels. EU-origin HMS 80:20 deals were heard at $368-371/t CFR, while US-origin cargoes continued to trade around $375/t CFR. Workable levels were indicated at $375-379/t CFR for High grade origin material and around $370/t CFR for EU-origin scrap.
The softer EU-origin deals reflected improved offer availability, while tighter US scrap supply continued to support higher prices. Despite a pick-up in trading activity, buyers secured cargoes within prevailing workable ranges, keeping the overall market broadly stable.
Leave a Reply