- Weak steel demand continues in India, Bangladesh
- Turkish scrap prices may rise amid limited supply
South Asia’s imported scrap markets remained weak amid muted steel demand and liquidity issues, while Turkiye witnessed steady prices with expectations of a near-term uptick supported by firm European collection costs.
India: The imported ferrous scrap market remained weak, with containerised shredded prices stable at $352-356/t and HMS 80:20 at $330/t CFR Chennai. Domestic finished steel prices were range-bound, keeping buying interest limited.
Pakistan: Imported shredded scrap prices held steady w-o-w at $355-356/t CFR, with European and UK-origin material assessed at $355/t CFR Qasim and recent deals heard near $355-358/t.
In the domestic market, rebar was traded at PKR 220,000/t ($778/t), billet at PKR 190,000/t ($672/t), bala at PKR 177,000/t ($626/t), and local scrap at PKR 135,000-140,000/t ($478-496/t). Weak steel demand continued to weigh on scrap trade.
Bangladesh: Weak construction activity, liquidity constraints, and ongoing political uncertainty continued to weigh on imported scrap demand. Offers were heard at $360-365/t CFR for Australian shredded, $345-350/t CFR for HMS 90:10, and $330-335/t CFR for HMS 80:20.
In the domestic market, local scrap prices in Dhaka were assessed at BDT 52,000-53,000/t ($426-434/t), while rebar traded between BDT 73,500-78,000/t ($602-639/t) amid subdued steel consumption.
Turkiye: Imported scrap prices in Turkiye remained stable on 11 November, though sentiment turned slightly positive, with market participants expecting a near-term price rise. Tradable levels for US-origin or premium HMS 80:20 were at around $355-357/t CFR, with expectations of stronger buying interest in the coming week.
Firm collection costs in Europe and a stronger euro against the US dollar continued to support higher offers, while limited supply in the deep-sea market added mild upward pressure on prices.
Price assessments
India: UK-origin shredded prices stable d-o-d to $351/t CFR Nhava Sheva.
Pakistan: UK-origin shredded prices remained stable d-o-d at $355/t CFR Qasim.
Bangladesh: UK-origin shredded prices unchanged d-o-d to $364/t CFR.
Turkiye: US-origin HMS 80:20 bulk prices were down by $1/t d-o-d to $355/t CFR Turkiye.
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