- Indian buyers cautious, trade remains limited
- Bangladesh faces tight liquidity, weak demand
The South Asian ferrous scrap market remained broadly sluggish, marked by cautious buyer sentiment and limited trade across major destinations. India, Pakistan, and Bangladesh all saw subdued activity as participants awaited clearer price direction, influenced heavily by developments in the Turkish market. D-o-d, UK-origin shredded offers edged up by $1/t in India, while remaining unchanged in Pakistan and Bangladesh.
While the rupee’s appreciation and signs of a Turkish recovery offered some optimism in India, bid-offer mismatches and firm supplier expectations continued to restrict deals. Pakistan stayed quiet amid ongoing volatility and price uncertainty, while Bangladesh grappled with weak steel demand, tight liquidity, and high inventories.
Meanwhile, Turkiye offered a glimmer of stability with a slight rebound in scrap prices and improving rebar sales, raising hopes of regional market support. US-origin bulk HMS 80:20 offers to Turkiye also remained stable d-o-d.
Overview
India: India’s imported scrap market remained subdued, as buyers adopted a cautious approach amid expectations of further price corrections.
UK-origin shredded was offered at $370/t CFR Nhava Sheva, with bids at $365/t, while HMS 80:20 was heard at $345-350/t CFR. Offers for HMS 1 from Kuwait and Bahrain stood at $370/t CFR, while Dubai HMS was quoted at $360-362/t and Dubai Super at $370-378/t CFR.
Blue steel was offered at $390/t CFR, with bids at $385/t, and Busheling from Korea/Japan ranged within $395-400/t CFR.
Despite the Indian rupee’s appreciation and signs of a recovery in Turkiye, trade remained limited. UK suppliers stayed firm, holding shredded offers above EUR 230/t FOB amid tight dockside supply.
Pakistan: Pakistan’s imported scrap market continued to witness sluggish activity, as buyers maintained a wait-and-watch stance amid volatility in the Turkish market and expectations of a price correction. The bid-offer gap persisted, with UK/EU-origin shredded scrap offered at $370-375/t CFR Port Qasim, while buyers remained cautious, placing bids at around $365-370/t. This disparity kept trading limited and sentiment subdued.
Bangladesh: Bangladesh’s imported scrap market stayed dull, with limited trades and cautious buying due to weak steel demand, tight liquidity, and high inventories. Offers for Australian shredded were at $380-385/t CFR Chattogram, while bids lagged at $375-378/t, stalling negotiations.
Mills avoided fresh bookings despite easing port congestion, anticipating further price corrections and tracking Turkish market cues. Containerised PNS from Singapore was offered at $385-390/t CFR, with buyers bidding lower at $380-382/t.
Japanese H2 bulk dropped to $356-358/t CFR. Construction activity remained slow, with mills selectively restocking amid ongoing political and financial uncertainty.
Turkiye: The Turkish imported scrap market showed a mild recovery, with US-origin bulk HMS 80:20 assessed at $330/t CFR, supported by a firm sell-side and steady mill demand.
US-origin offers were as high as $340/t CFR, while EU-origin scrap held firm at $325/t CFR. Mills remained cautiously optimistic, hoping improved sentiment and stable scrap prices would help sustain and boost rebar levels.
Despite expectations of a drop in US scrap prices, exporters maintained firm positions. Rebar sales in Turkiye gained momentum, with FOB prices rising to $550-555/t, driven by seasonal construction demand, post-earthquake rebuilding, Ukrainian buying interest, and higher Chinese billet tags.
Mills such as Toscelik, Ekinciler, and Koc raised list prices, while trade prices hovered within $547-556/t. Market sentiment remained positive, though mills were watchful of global scrap supply developments.
Price assessments
India: UK-origin shredded indicatives were assessed at $370/t CFR Nhava Sheva, up by $1/t d-o-d.
Pakistan: UK-origin shredded indicatives stood at $368/t CFR Qasim, unchanged d-o-d.
Bangladesh: UK-origin shredded prices remained unchanged d-o-d at $379/t CFR Chattogram.
Turkiye: US-origin HMS (80:20) bulk scrap prices remained stable d-o-d at $330/t CFR Turkiye.
Leave a Reply