- Turkish buyers resist high offers, demand cools
- Holiday lull, bid-offer gaps limit trading in India
South Asia’s imported scrap market stayed largely quiet, with festive holidays leading to weak demand in India. Pakistan saw offers rising modestly, while offers held steady in Bangladesh. Meanwhile, there was limited buying interest in Turkiye.
India: India’s imported scrap market remained quiet, as regional holidays kept trading activity subdued, with most markets yet to reopen. Sellers’ offers were heard at $330-335/t CFR, while bids trailed $10-15/t lower, reflecting weak buying sentiment and cautious procurement from mills.
Market participants noted the limited likelihood of a near-term recovery in India, even as other Asian markets showed signs of improvement. Indicative prices stood at $346-350/t for shredded, $315-320/t for HMS, $320-325/t for HMS 90:10, $355-360/t for PNS, and $360-365/t for busheling.
Pakistan: The imported scrap market showed mild improvement this week, with offers increasing by $5-6/t. This was fuelled by rising domestic scrap prices, driven by low collection rates. Fresh offers for EU/UK shredded were seen at $360-362/t CFR, while Middle Eastern shredded remained higher at $372-375/t CFR.
Despite rising offers, buying activity was limited, as mills chose to simply monitor price movements and domestic market trends.
Bangladesh: Market activity remained subdued, with Australia shredded tags at $368-370/t, as mills held off new purchases amid sluggish rebar demand and easing domestic scrap prices. Australian scrap values remained supported by elevated freights and collection costs, while moderate buying interest surfaced for Japanese bulk cargoes.
Turkiye: The imported scrap market showed signs of cooling this week, as mills resisted higher offers amid stable rebar prices and limited fresh bookings. Baltic-origin cargoes were workable at $345-348/t CFR, with Turkish buyers seeking $4-5/t discounts, while bids for US-origin scrap hovered at around $350/t CFR. Sellers quoting above $350/t for Baltic and $355/t for US material last week faced weaker interest as buyers turned cautious.
Trading slowed ahead of Republic Day holidays as most mills completed November bookings.
Price assessments (d-o-d)
India: UK-origin shredded prices were at $354/t CFR Nhava Sheva, stable compare to last closing day (friday).
Pakistan: UK-origin shredded prices inched down by $1/t to $357/t CFR Qasim compare to friday.
Bangladesh: UK-origin shredded prices stood at $366/t CFR, down by $2/t compare to last closing day.
Turkiye: US-origin HMS 80:20 bulk prices were at $350/t CFR Turkiye, down by $3/t compare to last closing day (friday).
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