- India market firms as buyers raise scrap procurement
- Prices in Pakistan subdued on weak demand amid holidays
India’s imported scrap market strengthened on stronger buying, while Pakistan remained subdued. Bangladesh market sentiments were stable following fresh deals, while Türkiye saw rangebound prices on 31 August amid limited activity and cautious mill buying.
India: India’s imported containerised scrap market firmed d-o-d, supported by rising domestic prices and stronger buying interest. Recent deals included Senegal-origin HMS 80:20 at $372/t CFR Mundra and West Africa-origin HMS 80:20 at $375/t CFR Mundra. Offers for HMS 80:20 were heard above $375/t, as recent deals concluded above $370/t.
However, rising freight costs have yet to fully reflect in scrap prices. Higher logistics costs could prompt importers to delay purchases or seek earlier shipments, potentially increasing inquiries for prompt cargoes and adding pressure on containerised material. Singapore-origin HMS loose with 1% impurities was offered at $374-375/t CFR west coast India, against buyer interest near $355/t, while LMS bundles were offered at $325-330/t versus bids of around $315/t, keeping the bid-offer gap wide.
Pakistan: Imported shredded scrap prices remained subdued amid monsoon disruptions and the Eid holiday slowdown, with buyers focusing on immediate requirements. UAE-origin shredded was offered at $420-430/t CFR Qasim, while UK-origin shredded was heard at around $418-420/t.
Bangladesh: Imported scrap prices remained stable, with fresh bookings supporting prices. Philippines-origin HMS 90:10 traded at $378/t CFR Chattogram, while PNS from Singapore and HMS 1 from the Philippines were booked at $415/t and $375/t, respectively. US bulk HMS 80:20 and Australian HMS were around $378-380/t, while Japanese H2 at $384-385/t remained expensive for buyers.
Turkiye: Deep-sea imported scrap prices remained stable d-o-d on 31 August, with HMS 80:20 assessed at $375/t CFR, unchanged d-o-d. US-origin HMS 80:20 was tradable at around $375/t CFR, while EU-origin material was indicated at $370/t CFR. Mills remained cautious amid subdued demand, keeping the market rangebound. Around 15-16 bulk deals were concluded during the month, while trading activity remained limited towards month-end as the summer slowdown reduced market participation.
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