- India scrap buying remains subdued amid import challenges
- Firmer freights continue to support higher Turkish scrap prices
South Asia’s imported scrap markets remained mixed but unchanged on 28 September, as import economics remained unfavourable. India saw subdued buying amid import challenges, while Pakistan remained range-bound and Bangladesh continued to see firm offers. Turkiye’s deep-sea scrap market edged higher, supported by firmer freight rates despite limited mill activity.
India: The imported scrap market remained subdued, with mills limiting procurement to need-based quantities amid weak domestic demand. New PSIC requirements have made scrap imports more challenging, while higher Turkiye prices have reduced the competitiveness of UK, US and EU-origin material for Indian buyers.
UK HMS 80:20 was offered at $365/t, while shredded was heard at $410/t and African HMS at around $370/t. Higher freight rates from October are adding further pressure on import economics, with market participants expecting buyers and suppliers to wait for the market to settle over the coming months before clearer workable levels emerge.
Pakistan: The imported scrap market remained rangebound, with shredded scrap indications at $418-420/t CFR Qasim. Sellers quoted around $420/t as the market assessed levels at the start of the week, while UAE-origin shredded scrap remained unworkable for buyers. A recent deal was heard for 2,000 t of UK shredded 211 at $415/t CFR Qasim.
Bangladesh: The imported scrap market remained quiet, with limited fresh trading activity amid concerns over weaker rebar sales. Market participants reported no serious demand for shredded scrap, while no adequately documented bookings were identified for PNS, HMS 90:10, Australian scrap or motor scrap.
Despite muted buying, price indications remained firm. US West Coast bulk HMS was heard at around $400/t CFR Chattogram, while containerised HMS was indicated at $390-395/t. Shredded scrap offers were around $410/t, with Malaysian and Singaporean PNS offered at $410-415/t and $420-425/t, respectively.
Turkiye: Deep-sea imported scrap prices stable d-o-d on 28 September, with Schnitzer selling HMS 80:20 to the US at $404/t CFR Turkiye. Firmer freights continued to support higher scrap prices, with one market participant noting freight as the key driver behind the increase.
Trading activity remained muted as most Turkish mills had largely completed their October procurement. Meanwhile, steady domestic rebar demand provided some support, with domestic rebar prices heard at $615-650/t exw Turkiye, depending on location.
Leave a Reply