- Turkiye scrap prices hit three-month high amid tight supply
- Higher finished-steel prices support regional scrap demand
South Asia’s imported ferrous scrap markets remained firm on 11 September, supported by stronger finished-steel demand, tighter scrap availability and elevated regional prices. India, Pakistan and Bangladesh saw steady to firmer buying interest, while Turkiye’s market strengthened further as limited supply and healthy demand pushed deep-sea scrap prices to a three-month high. However, cautious buying at higher price levels continued to limit activity in some markets.
India: India’s imported scrap market strengthened further, supported by improved rebar and finished steel demand. However, the market remained divided with Chennai market inquiries weaker than those in Nhava Sheva and Mundra.
Domestic rebar prices also strengthened, supporting scrap demand ahead of the expected post-monsoon and festival season.
HMS 80:20 into Chennai was heard at around $360/t CFR, while levels near $370/t CFR were considered workable for hand-loaded HMS with around 1% impurities in 25-27 t lots. A 1,000-t Brazil-origin HMS 80:20 cargo was also heard booked at $370-375/t CFR Chennai.
HMS 80:20 continued to attract most import activity, while buyers remained cautious toward higher-priced shredded scrap. No firm bids or trades were heard for imported shredded scrap, with offers considered high by buyers.
UK/EU HMS 80:20 offers were reported at $375-390/t CFR, while workable levels stood at $365-375/t. Shredded scrap offers reached $410-415/t CFR.
Pakistan: Pakistan’s imported scrap market remained firm, with a UK-origin shredded scrap reportedly sold at $418/t CFR Qasim. Current asking prices were around $420/t, while some suppliers were targeting $425/t, potentially for premium scrap sourced from premium automobiles. Meanwhile, a leading steel mill raised ex-factory rebar prices by PKR 1,000/t ($4/t) to PKR 252,000/t ($909/t) from 10 September, supporting finished-steel prices and scrap market sentiment.
Bangladesh: Bangladesh’s imported scrap market remained firm d-o-d, with Australian/New Zealand shredded scrap booked at $400-410/t CFR Chattogram and HMS 90:10 at $385-390/t. A Philippines-origin PNS cargo was also booked at $378/t, while limited availability and elevated regional prices continued to support the market.
Turkiye: Deep-sea imported scrap prices rose to a three-month high in September, supported by healthy demand and limited semi-finished steel offers.
HMS 80:20 price rose $9-10/t d-o-d to $390/t CFR after a US-origin cargo booked at this level. Tradable values were assessed at $390-395/t CFR, while Turkish mills remained cautious on margins.
Recent European-origin deals included 10,000 t of HMS 80:20 from France at $385/t, while a Germany-origin cargo was booked at $387/t. UK-origin HMS 80:20 was traded at $385/t, while a Netherlands-origin cargo was concluded at $381/t.
In Europe, shipment disruptions persisted, with HMS 80:20 assessed at $382-385/t CFR from the Eurozone and $388-393/t CFR from the Baltic. European domestic scrap demand remained weaker than the previous month.
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