- India and Turkiye prices strengthen amid firmer market sentiment
- Pakistan subdued while Bangladesh remains firm on supply tightness
South Asia: Imported scrap markets showed mixed trends on 2 September, with India and Turkiye firming on stronger market sentiment, while Pakistan remained subdued and Bangladesh stayed firm amid tight cargo availability and limited buying interest.
India: Imported containerised scrap market firmed d-o-d, supported by stronger domestic scrap prices and improving buying interest as the monsoon season nears its end. However, buyers remained cautious about higher offers, with market participants considering $355-365/t a more realistic range for HMS 80:20.
African HMS 80:20 was offered at $350/t CFR India, while Singapore-origin HMS was offered at $365/t. Latin American HMS 80:20 was indicated at $378/t, although this level remained doubtful without buyer confirmation. UK shredded was offered at $415-420/t and UK HMS at $370-375/t CFR India.
Pakistan: Imported shredded scrap market remained subdued, with workable levels at $414-415/t CFR Qasim against offers above $420/t. Container shortages, higher freight and a stronger GBP continued to raise import costs, with prices expected to increase by $5-6/t this week and potentially up to $10/t if the shortage persists.
Bangladesh: Imported scrap market remained firm, supported by limited cargo availability from Australia and strong regional demand. US bulk offers also remained firm, with West Coast US scrap last offered at around $390/t, although buying interest was weak. Bulk inquiries were heard from major mills, but no suitable deals have emerged so far.
UK shredded was offered at $410/t CFR Chattogram, while UK HMS was offered at $370/t. Australian busheling bundles were offered at $418/t against a buyer bid of $405/t for 500 t. Japanese H2 offers remained higher at $375-380/t CFR Bangladesh, with suppliers holding firm amid expectations that the market may be nearing a bottom. A Philippines-origin GI bundle cargo was booked at $325/t CFR Chattogram.
Turkiye: Deep-sea imported scrap market increased d-o-d on 2 September, supported by firm rebar offers and wider scrap-to-rebar spreads. Suppliers remained firm on offers amid steady deal activity, with higher replacement costs and improving steel margins supporting the upward price trend.
A Netherlands-origin HMS 80:20 cargo was booked by at $370.5/t CFR, while a US-origin cargo from Camden was booked at $380/t CFR, with the second deal concluded yesterday after the first was done last week. Market participants expect US-origin offers to rise to around $385-386/t and Baltic-origin material to around $381-382/t this week, with prices potentially reaching $385-390/t next week.
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