- Turkiye: Mills push prices down, activity remains subdued
- India: Weak demand, mills resist higher import offers
South Asia, 10 April: Imported scrap markets remained largely stable but subdued across India, Pakistan, and Bangladesh, with weak buying interest and cautious sentiment. In Turkiye, prices softened slightly as mills resisted higher offers amid sufficient bookings and easing freight rates.
India: Indian imported containerised shredded scrap prices remained stable on 10 April amid muted trading activity, as sellers found relatively better realisations in neighboring markets. Weak buying interest persisted in India, with mills maintaining a cautious stance despite steady offer levels.
Downstream, domestic rebar prices softened, with both bids and offers adjusting lower in line with easing raw material costs. In the import market, deals into Mundra were reported at $380/t CFR for West Africa-origin HMS 80:20, $385/t for South Africa, and $370/t for Brazil. Current offer levels are heard at $380-385/t for HMS 80:20 and $410-415/t for shredded scrap, while bids remain near $400/t, reflecting continued resistance from buyers.
Pakistan: A UK-origin shredded scrap cargo of 1,000 t was sold at $425/t CFR Qasim, aligning closely with prevailing market indications. In the import market, bids for UK/Europe-origin shredded scrap were heard at $423/t, while offers remained higher at $430/t CFR Qasim.
Bangladesh: Imported scrap prices into Bangladesh remained largely stable with limited fresh trading activity, with HMS 80:20 at $400/t CFR, shredded scrap at $430-435/t. Domestic scrap prices were heard at BDT 65,000-68,000/t ($529-554/t), while rebar prices in Chattogram stood at BDT 95,000-96,000/t ($773-782/t), reflecting steady but cautious market conditions.
Turkiye: Deep-sea imported scrap prices softened slightly d-o-d, with fresh EU-origin indications heard around $395/t CFR, though no firm deals were concluded. Market activity remained largely subdued, with mills showing limited interest in new bookings. Local scrap levels were reported at around $360-375/t for lower-grade mixes (70:30/60:40), providing mills with some leverage to resist higher import prices.
Market participants noted that Turkish mills are actively attempting to push imported scrap prices below $400/t CFR, supported by easing freight rates. With weak rebar demand and sufficient coverage, mills are now focusing on correcting previously elevated scrap costs, resulting in a quiet market with inquiries but no firm bids.
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