- Bangladesh: High freight costs and bid-offer gaps limited buying
- Turkiye: Weak rebar demand weighed on deep-sea scrap prices
South Asian scrap markets remained subdued on 13 October, with weak buying interest, declining domestic prices in India and high freight costs limiting imports. Bangladesh saw wide bid-offer gaps, Pakistan reported a recent UK shredded deal, while Turkish prices faced pressure from weak rebar demand.
India: Imported scrap buying remained subdued as mills continued to prioritise domestic material amid declining domestic scrap prices. UK-origin shredded scrap was offered at $410-415/t, while UK-origin HMS 80:20 bids were reported at $355-360/t CFR Mundra against offers around $370/t CFR. Pool iron, plate iron and beech iron were assessed at $347/t CFR Mundra, while iron skull stood at $337.86/t CFR Mundra.
Market sentiment remained largely stable, with no significant upward or downward movement in shredded or HMS prices amid stable US-Iran war conditions. Participants indicated that buyers were currently focused on domestic procurement rather than imports. However, the rupee showed some positive movement against the US dollar, potentially improving import economics and raising the possibility of renewed buying in the coming days.
Pakistan: Imported scrap market remained subdued, with UK-origin shredded scrap offers around $410/t CFR Qasim. A recent deal involving 1,000 tonnes of UK-origin shredded scrap was reportedly concluded at $415/t CFR Qasim last weekend.
Bangladesh: Imported scrap market remained quiet as high freight costs discouraged purchases from Far East suppliers. Meanwhile, Australia/New Zealand HMS-PNS mix offers stood at $390-400/t CFR Chattogram against bids of $380-385/t, while Singapore and Malaysian PNS offers ranged from $424-430/t CFR Bangladesh. Wide bid-offer gaps continued to weigh on buying interest.
Turkiye: Deep-sea scrap prices stable at $400/t after slipped by $4/t at the beginning of the week, with weakness in the downstream rebar market weighing on sentiment. Market activity remained subdued as buyers awaited fresh deals, with purchasing targets below $400/t CFR.
Tradable values for US-origin HMS 80:20 were reported at $390-402/t CFR, while EU-origin material was pegged at $380-390/t CFR. Buyers were seeking lower prices, with some targeting EU-origin scrap below $390/t CFR. However, elevated dry bulk freight rates continued to limit sellers’ pricing flexibility, with market participants expecting prices to stabilise around $400/t CFR.
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