- India: Weak buying interest after currency-driven uncertainty
- Pakistan: Mill operations slow; demand driven by essentials
South Asian imported scrap markets stayed subdued on 25 Nov, with weak demand and limited trades. India struggled due to currency-led uncertainty, while Pakistan markets remained steady, and Bangladesh markets remained mixed. Meanwhile, Turkish markets remained firm on stronger rebar.
India: Imported scrap markets in India remained subdued, with limited buying interest amid uncertainty created by the recent drop in the US Dollar, rendering last week’s price levels unworkable.
Indicative levels included HMS hand-loaded at $330/t, Brazil 4% HMS at $318-320/t, and PNS plus blue steel at $350-355/t. Offers were heard at $330/t for HMS 80:20 and $340-345/t for HMS 90:10 CFR West Coast India. PNS was offered at $360/t against bids at $350-355/t, and shredded was offered at $355/t with bids near $345/t CFR Nhava Sheva.
Pakistan: Imported scrap markets in Pakistan remained steady, though sentiment was mixed as mill operations ran at just 35-40% capacity and expected to fall further with winter slowdown. Activity stayed limited, driven only by cost-covering needs.
A deal was concluded for 2,000 tons of shredded from the UAE at $360/t CFR Qasim. Current offers stand at between $358-360/t, while buyers resist at about $352-354/t, with some suppliers willing to sell near $350-352/t as cargoes near arrival. Local scrap hovered around PKR 130,000-131,000/t ($461-464/t).
Bangladesh: Imported scrap markets in Bangladesh stayed slow. A Argentina-origin PNS cargo was under negotiation near $355/t amid quality concerns, while a Singapore supplier sold similar material at $363/t CFR Chattogram. Suppliers kept offers firm, but buyers resisted due to weak demand and adequate inventories.
Turkiye: Imported scrap market largely held steady, though sentiment remained firm with expectations of further increases supported by rising downstream rebar prices and strong dry bulk freight rates. Recent deals indicated slightly higher workable levels as mills tested the market cautiously.
Domestic rebar offers rose to around $570/t on solid demand, but trading slowed as buyers doubted price sustainability. Mills stayed selective, resisting higher scrap until clarity on rebar performance and shipments.
Leave a Reply