- Turkiye remains steady, price hikes expected amid tight supply
- Thin liquidity, availability of alternatives pressure Indian trade
South Asia’s imported scrap markets stayed weak amid poor steel demand and tight liquidity, while Turkiye remained firm with steady deep-sea prices and expectations of near-term gains.
India: India’s imported ferrous scrap market remained weak amid thin liquidity and limited mill buying. Offers for shredded stood at $352-356/t and HMS 80:20 at $330/t CFR Chennai, while workable levels were lower, near $345/t and $328-332/t, respectively.
Market participants noted that subdued finished steel demand and abundant domestic steelmaking alternatives kept buyers cautious and restricted import activity.
Pakistan: The Pakistani market was weak, as pressure from the finished steel sector dampened buying interest. UK shredded was heard at $355-356/t CFR, while Sweden and EU shredded stood at $360/t and $359/t CFR, respectively.
Bangladesh: Bangladesh’s imported scrap market remained quiet, as weak finished steel demand kept mills cautious and limited fresh bookings. Persistent delays in opening letters of credit (LCs) and processing payments further slowed trade activity. Supply from Australia and New Zealand stayed limited, while Hong Kong-origin PNS was assessed at $365-368/t CFR.
Turkiye: Deep-sea imported scrap prices held largely steady d-o-d, though market sentiment was firm on expectations of a near-term uptick. Participants cited tight availability and stable mill demand as key factors keeping prices supported.
US suppliers targeted $360-365/t CFR as stronger rebar demand supported higher scrap sentiment. Freights stayed firm near $45/t from the Baltic amid limited vessels and mixed market signals.
A US exporter from the Pacific Northwest sold a 50,000 t mixed ferrous scrap cargo to an Aegean-based Turkish mill, drawing market attention. Loaded from Vancouver, Washington, the shipment includes HMS (90:10) and shredded scrap for December delivery, priced around $350/t and $370/t. The deal comes amid sluggish Asian demand and falling West Coast export volumes.
Price assessments
India: UK-origin shredded prices remains stable to $350/t CFR Nhava Sheva compared last closing day (friday).
Pakistan: UK-origin shredded prices remained stable to $355/t CFR Qasim, compared last closing day.
Bangladesh: UK-origin shredded prices were stable at $365/t CFR, compared friday.
Turkiye: US-origin HMS 80:20 bulk prices were at $356/t CFR Turkiye, stable compare to last closing day (friday).
Leave a Reply