- India firms on rising domestic prices, stronger post-monsoon demand outlook
- Bangladesh remains stable on fresh deals; Turkiye holds firm on domestic strength
South Asia ferrous scrap prices rose d-o-d on 27 August amid holiday-driven restocking. India’s imported scrap market firmed on rising domestic prices, while Pakistan remained subdued amid cautious buying. Bangladesh stayed stable on fresh deals, while Turkiye’s deep-sea market held firm, supported by stronger domestic prices.
India: India’s imported containerised scrap market firmed d-o-d, supported by rising domestic prices and expectations of stronger post-monsoon demand. European offers were heard at $410-415/t for shredded and $350-360/t for HMS. Buying interest is expected to strengthen further after mid-September as demand improves following the monsoon.
Meanwhile, Australian material to Chennai was indicated at $335-345/t for HMS and $365-375/t for shredded. However, supplier offers remained higher, with US-origin shredded heard at $400-420/t, African HMS at around $360/t and turnings at $325-330/t, keeping deal-making limited. India is observing a Raksha Bandhan holiday, which has slowed market activity.
Pakistan: The imported shredded scrap market remained subdued amid continued monsoon-related disruptions to construction activity, steel movement and mill operations. Despite expectations of easing rainfall, buyers remained cautious and focused on immediate requirements, with offers heard at $418-420/t CFR Qasim, workable levels at $412-415/t, limiting fresh deal activity. Eid holiday, which has slowed market activity.
Bangladesh: Imported scrap market remained stable, with fresh deals supporting prevailing price levels. A Philippines-origin HMS 90:10 cargo was sold at $378/t CFR Chattogram, while Singapore-origin PNS was booked at $415/t and Philippines-origin HMS 1 at $375/t CFR Chattogram. Meanwhile, US West Coast-origin bulk HMS 80:20 was indicated at around $378-380/t CFR, Australian HMS at around $380/t, while Japanese H2 at $384-385/t CFR was viewed as expensive, with buyers remaining unwilling to chase higher levels.
Turkiye: Deep-sea imported scrap prices remained stable on 27 August, with European and Baltic offers holding firm at $370-374/t CFR, while US-origin material was indicated at $377-380/t. Strong Turkish domestic scrap prices supported supplier sentiment, limiting exporters’ willingness to reduce offers. Recent deals included Baltic-origin HMS 80:20 at $369/t CFR and a Netherlands-origin cargo comprising HMS at $370/t CFR, with the remaining bonus and shredded material priced at around $390/t CFR.
Leave a Reply