- India demand remains weak amid wide bid-offer disparities
- Pakistan sees active trading, Bangladesh buying muted
South Asian imported scrap markets remained mixed d-o-d on 1 October, with subdued demand and cautious buying in India and Bangladesh, while Pakistan saw active trading. Offers remained firm as buyers resisted higher replacement costs, while Turkiye stayed steady amid limited downstream demand.
India: The imported scrap market remained subdued, with Indian buyers showing limited buying interest amid weak downstream demand and unworkable bids. UK shredded scrap was offered at around $445-450/t CFR for material with exactly 1% impurities, while higher-impurity material was indicated at $405-415/t. Other offers included UK HMS at $375/t CFR Mundra, busheling at $425/t and Chile HMS (PNS mix) at around $380/t. US HMS 80:20 was heard at $370-375/t, while African HMS 80:20 was offered at $365-370/t.
Market activity remained thin as buyers continued to find international offers expensive relative to prevailing bid levels. A trader said demand from India remained slow, with market participants hearing requirements but bids failing to meet sellers’ expectations. Meanwhile, around 185 containers, estimated at 4,500-5,000 t, of HMS 60:40 booked at $330/t around two months ago are expected to arrive this week, adding to near-term availability and further limiting fresh buying interest.
Pakistan: The imported scrap market remained active, with a UK-origin shredded scrap sold to Qasim at $422-427/t CFR, while another offer was heard at $422/t CFR, with market participants indicating a possible settlement around $420/t. Premium yard material was also reported at $427/t CFR. The cargo is expected to arrive by 19 October, reflecting continued buying interest for prompt and premium-quality material.
Bangladesh: The imported scrap market remained firm on offers, although demand was slow and buyers continued to resist higher replacement costs. Suppliers were seeking higher prices amid rising overall costs, with Malaysian and Philippine PNS offers heard at around $420/t CFR Chattogram and bulk HMS at around $400/t. A deal of Australian PNS was reported at $405/t CFR Chattogram, while Australian HMS 90:10 was offered at $400/t but considered too high by buyers.
Turkiye: Deep-sea imported scrap prices remained steady on 1 October amid muted downstream demand and cautious buying interest. High grade HMS 80:20 at $404/t CFR, unchanged d-o-d. Market participants noted increased offers, with US-origin material heard at around $410/t CFR, while Baltic HMS 80:20 was indicated at around $400/t CFR. The Turkish scrap market remained shaky, with weak buying interest and subdued trading activity keeping prices range-bound.
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