- India: Limited buying keeps imported scrap subdued
- Turkiye: Firm freight supports elevated scrap prices
South Asian imported scrap markets remained mixed on 21 September, with India seeing weak buying despite competitive HMS offers, Pakistan facing cautious mill procurement, Bangladesh facing elevated levels on firm regional offers, while Turkiye held around $400/t amid strong freight and improving steel sentiment.
India: India’s imported scrap market remained subdued d-o-d, with HMS 80:20 offered at $350-360/t CFR and HMS 90:10 around $380/t, but buyers showed limited interest at these levels. Shredded scrap offers were heard at $420-425/t CFR. UK-origin shredded scrap was reportedly sold at $415/t CFR Mundra/Nhava Sheva, while Australian shredded scrap was offered at $410/t and UK HMS at $370/t CFR Mundra.
Pakistan: Imported scrap market remained subdued, with shredded scrap offers holding at $418-420/t CFR Qasim. Buying interest stayed limited as mills remained cautious amid weak operating conditions and the impact of recent tax changes, keeping fresh import activity restricted.
Bangladesh: Imported scrap market continued to hold firm, with Singapore-origin PNS offered at $420/t CFR Chattogram. Australian/New Zealand shredded scrap was booked at $400-410/t, while HMS 90:10 traded at $385-390/t. Latin American HMS 90:10 was offered at $370-375/t, with Singapore and Malaysian cargoes remaining expensive for buyers.
Turkiye: Deep-sea imported scrap market remained stable d-o-d on 21 September, with HMS 80:20 tradeable value at $401/t CFR. Trading activity was muted, while US and premium Baltic-origin HMS 80:20 values were reported at $398-405/t CFR, clustered around $400/t.
Near-term sentiment remained positive, supported by bullish freight rates and improving downstream steel sentiment. Market participants expected prices to remain firm, with rising finished-steel prices reducing the likelihood of a downward correction in scrap values.
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