South Asia imported scrap prices firm, Turkiye holds steady, India rises

• India scrap prices firm as buying interest improves.
• Pakistan faces shortages, pushing imported scrap prices higher.

South Asia: Ferrous scrap markets remained mixed on 1 September, with India firming on stronger buying interest, Pakistan subdued amid container shortages, and Bangladesh stable. Rising freight and limited availability continued to support supplier offers across the region.

India: India’s imported containerised scrap market firmed d-o-d, supported by stronger buying interest as buyers looked to secure additional material. HMS 80:20 offers were heard above $375/t, with recent deals reported above $370/t. UK shredded was offered at $414-416/t and UK HMS at $365-366/t.

Australian HMS 80:20 was indicated at $365/t Chennai, while shredded was offered at $375-380/t. However, the bid-offer gap remained wide, with buyers targeting $355/t for HMS loose with 1% impurities and $315/t for LMS bundles against supplier offers of $374-375/t and $325-330/t CFR west coast India.

Pakistan: Imported shredded scrap market remained subdued, with workable levels at $414-415/t CFR Qasim against offers above $420/t. Premium UAE-origin shredded offers were heard at around $430/t, with sellers expecting levels to firm further. However, most UAE offers to Pakistan were informal, as UAE suppliers are expected to remain largely out of the market until October.

Container shortages and higher freight costs continued to pressure import economics. Scrap prices could rise by around $5-6/t this week and potentially up to $10/t if the shortage persists, while the stronger GBP is also keeping UK-origin material expensive.

Bangladesh: Imported scrap market remained stable, with fresh bookings keeping prices supported. Philippines-origin HMS 90:10 was sold at $378/t CFR Chattogram, while Singapore PNS and Philippines HMS 1 traded at $415/t and $375/t, respectively. US bulk HMS 80:20 and Australian HMS were indicated at $378-380/t, while Japanese H2 at $384-385/t remained expensive for buyers.

Turkiye: Deep-sea imported scrap market remained rangebound 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. Around 15-16 bulk deals were concluded during August, but month-end activity remained subdued as the summer slowdown kept mills cautious and demand weak.