- Limited trading, thin liquidity seen in India
- Bangladesh faces LC problems, payment delays
South Asia’s imported scrap markets remained subdued in October, with limited trading, weak steel demand, and tight liquidity. Offers softened across India, Pakistan, and Bangladesh amid cautious mill activity and payment delays.
India: Imported ferrous scrap market remained largely quiet, with limited trading activity and thin liquidity. Current offers were assessed at $355-360/t for shredded, $340-345/t for HMS 90:10, and $330-335/t for HMS 80:20 CFR Chennai. Workable levels were slightly lower, around $345/t for shredded, $330-335/t for HMS 90:10, and $325-328/t for HMS 80:20.
Pakistan: Pakistan’s imported scrap market remained subdued, with pressure from a weak finished steel market. Current offers for UK shredded stood at $355-356 CFR, Sweden shredded at $360 CFR, EU shredded at $359 CFR, and premium yard UK shredded at $363 CFR.
In the local market, scrap was assessed at PKR 130,000-132,000/t ($461-468/t), while rebar traded at PKR 225,000-230,000/t ($797-815/t).
Bangladesh: The imported scrap market stayed subdued as weak finished steel demand kept mills cautious, limiting fresh bookings. Persistent hurdles in opening letters of credit (LC) and payment delays further constrained trade activity. Scrap offers from Australia and New Zealand remained limited, while Hong Kong-origin PNS was assessed at $365-368/t and South American HMS 70:30 at $330-335/t.
Domestic scrap prices stood at BDT 46,000-47,000/t ($377-385/t) ex-works Chattogram. Rebar was traded at BDT 76,000-78,000/t ($624-640/t) in Chattogram and BDT 72,000-73,000/t ($591-599/t) in Dhaka.
Turkiye: Deep-sea imported scrap prices rose on d-o-d, after a US-origin deal at $356/t for high grade HMS 80:20, supported by prompt mill demand and a rise in domestic rebar buying. Mills actively sought cargoes, while tight supply ahead of winter kept sellers firm. Continued rebar demand may sustain scrap price momentum in the near term.
Price assessments (d-o-d)
India: UK-origin shredded prices fell by $1/t to $351/t CFR Nhava Sheva compared to the previous day.
Pakistan: UK-origin shredded prices fell by $1/t d-o-d at $355/t CFR Qasim.
Bangladesh: UK-origin shredded prices stable d-o-d at $365/t CFR.
Turkiye: US-origin HMS 80:20 bulk prices were at $354/t CFR Turkiye, up by $2/t d-o-d.
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