- India: Limited buying keeps import activity subdued
- Turkiye: High freight limits further scrap gains
South Asia’s imported scrap markets remained mixed on 24 September, with India and Pakistan seeing limited buying, Bangladesh supported by firm PNS offers, while Turkiye held above $400/t. High freight and cautious mill procurement continued to constrain further price gains.
India: Imported scrap market remained subdued, with Australian HMS offered at $350/t CFR Chennai and shredded at $370/t. UK HMS 80:20 was offered at $375/t, while UK shredded stood at $410-415/t. HMS bundles were offered at $360/t and LMS bundles at $340/t. African HMS was heard at $372-373/t, while West African and Brazilian HMS 80:20 were around $375/t and $360-365/t, respectively. UK HMS was offered at $370-375/t CFR West Coast India, while South African HMS 2 was offered at $370/t. Buying interest remained limited, with only small quantities booked.
Pakistan: Imported scrap market saw limited fresh activity, with shredded scrap assessed at $418-420/t CFR Qasim. Sellers were seeking around $423/t, while buying indications remained near $418-419/t. Mills continued to adopt a cautious procurement approach amid weak steel sales and uncertainty following recent tax changes.
Bangladesh: Imported scrap market remained supported, with Malaysia-origin PNS offered at $410-415/t CFR Chattogram, while Singapore PNS was last heard at $420-425/t. Japanese, Singaporean and Hong Kong-origin bulk H2/PNS was indicated at around $395-400/t. Recent deals included a Philippine mixed PNS/HMS at $376/t, another at $383/t, and 500 t of Philippine GI bundles at $328/t CFR Chattogram.
Turkiye: Deep-sea scrap market remained stable d-o-d after crossing the $400/t mark, with HMS 80:20 assessed around $404/t CFR. US-origin offers were heard at around $410/t, while Baltic offers were near $405/t. However, rising freight costs, which have increased by at least $10/t over the past two weeks, are adding pressure to scrap replacement costs.
Recent deals included Finland HMS 80:20 to Turkiye at $393/t CFR, Netherlands at $389/t, and Poland at $395/t. USA was heard to have sold HMS 80:20 to Turkiye at $402/t. Despite firm collection prices in Europe, high freight, slower domestic rebar sales and cash-flow constraints could limit mills’ willingness to accept further scrap price increases.
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