- India and Bangladesh quiet amid weak steel demand
- Pakistan stable, Turkiye steady on tighter supply
South Asia’s imported scrap markets remained mostly subdued, with India and Bangladesh quiet amid weak demand, Pakistan stable despite lower shredded prices, and Turkiye steady on tightening supplies and cautious buyers.
India: India’s imported ferrous scrap market remained subdued as mills stayed on the sidelines amid weak steel demand and competitive domestic scrap prices. Few trades were reported, with UK/Europe-origin HMS concluded near $323/t CFR and bids mostly around $320-325/t at major ports.
Shredded offers hovered close to $350/t CFR, while Brazilian HMS was indicated around $320/t CFR Mundra/Nhava Sheva. Mills maintained a cautious stance as falling sponge iron prices and steady local scrap availability limited interest in fresh imports.
Pakistan: Imported scrap market softened as UK-origin shredded slipped from $375/t to $355/t CFR Qasim, with about 1,000 t booked. EU shredded was heard at $355-356/t, while UAE shredded stood at $372-375/t.
UAE HMS-PNS mix was quoted at $350-355/t CFR, and local scrap held steady at PKR 129,000-132,000/t. Despite lower shredded prices, overall market activity remained mostly stable.
Bangladesh: Imported scrap market stayed dull, with mills refraining from new bookings due to tight liquidity and weak steel demand. Offers for shredded scrap from Australia and New Zealand hovered at $365-370/t CFR Chattogram, but buyers remained cautious, keeping bids below $360/t.
Turkiye: The Turkish deep-sea imported scrap market remained steady d-o-d, supported by recyclers amid tightening supplies, though buyers stayed cautious. US and Baltic recyclers held offers at $353-355/t CFR amid limited inflows, though Turkish mills remained sidelined as rebar prices stayed flat at $540/t FOB and Chinese billet softened to $424/t FOB China, dampened scrap appetite.
Price assessments (d-o-d)
India: UK-origin shredded prices rise by $1/t at $352/t CFR Nhava Sheva compared to previous day.
Pakistan: UK-origin shredded prices stable at $356/t CFR Qasim, compared to previous day.
Bangladesh: UK-origin shredded prices reminas stable d-o-d to $365/t CFR.
Turkiye: US-origin HMS 80:20 bulk prices were at $352/t CFR Turkiye, stable d-o-d.
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