- Tight European supply keeps Turkish deep-sea scrap prices supported
- Wide bid-offer gap limits bookings in India even as buyers raise bids
South Asia’s imported ferrous scrap market remained subdued on 3 August, with cautious buying, weak steel demand, and monsoon disruptions limiting activity. India, Pakistan, and Bangladesh saw limited transactions, while Turkish prices remained stable amid tight scrap supply and firm offers.
India: Imported ferrous scrap trading remained subdued as the monsoon season, weak finished steel demand, and poor import economics continued to limit buying activity. Although bids improved by $5-10/t w-o-w, mills remained cautious due to a wide bid-offer gap, with HMS 80:20 offers at $330-335/t CFR against buyers’ bids of $305-310/t. Market participants indicated Africa-origin HMS was workable at around $340/t CFR, while EU-origin HMS was heard near $325/t CFR.
Containerised trading remained limited to small cargoes, with no major bulk bookings reported in Chennai. Turnings from Southeast Asia and light HMS from Central America were heard sold at $305-310/t CFR Chennai, while workable levels were indicated around $310/t for turnings, $340-345/t for HMS 80:20, $360-365/t for shredded, and $375-380/t for busheling. Buyers have gradually started making enquiries for September requirements, with fresh bookings expected to pick up from mid-August if market conditions improve.
Pakistan: Imported ferrous scrap trading remained largely quiet as buyers stayed away from the market, delaying fresh purchases for September requirements. UK-origin shredded scrap offers were heard at $425-430/t CFR Port Qasim, while tradable levels were indicated near $410/t CFR. Market participants also reported some export enquiries from Thailand, Indonesia, and the Philippines, although high freight costs have largely halted these shipments.
Bangladesh: The imported scrap market remained subdued d-o-d, with cautious buying limiting transactions. Bulk HMS offers were stable at $390-395/t CFR against bids near $385/t CFR, while US HMS stayed competitive at around $380/t CFR. Singapore HMS was offered at $400/t CFR, with Japanese H2 at $395-400/t CFR.
Turkiye: Imported deep-sea ferrous scrap prices remained broadly stable as trading activity slowed. Tight scrap collection in Europe and limited offers from other export regions kept supply constrained, while mills increasingly looked to the US to secure cargoes.
Market participants expect US-origin HMS 80:20 to trade around $380-382/t CFR and Europe-origin material at $370-376/t CFR. Tradable values for HMS 80:20 were heard in the $373-377/t CFR range, with sellers resisting lower price levels.
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