- India: Mills resist higher offers, trade activity muted
- Pakistan: Buyers lower bids for UK-origin shredded scrap
South Asia’s imported scrap markets stayed quiet as mills held back from fresh bookings amid weak steel demand, tight liquidity, and wide bid-offer gaps, keeping prices largely rangebound across regions.
India: India’s imported ferrous scrap market stayed subdued amid limited buying and a wide bid-offer gap. Shredded offers were $350-352/t CFR Nhava Sheva against $340/t bids, HMS 80:20 at $325-330/t, and busheling at $360-365/t, with mills resisting above $355/t.
In South India, UK-origin HMS (2-3% impurities) was offered at $328-330/t CFR Chennai, with buyers at $324-325/t. Higher-impurity material stood at $318-322/t CFR Mundra, with a $5/t premium for Chennai. Australian and New Zealand shredded scrap was quoted at $335-340/t, while buyers targeted $340-345/t for New Zealand and European cargoes.
Hong Kong PNS was at $365-366/t and Malaysian busheling $365-368/t CFR Chennai, with buyers quoting $355–360/t. A Costa Rica HMS 60:40 deal closed at $300/t.
Pakistan: Imported scrap market stayed quiet as mills avoided fresh bookings. UK and EU-origin shredded scrap was heard at $356-360/t CFR, and HMS at $340-345/t, while buyers bid lower around $350-355/t for UK-origin shredded.
Bangladesh: Scrap market was subdued, with mills maintaining a cautious stance amid soft domestic steel demand and tight liquidity conditions. Offers for Australian and New Zealand shredded scrap stood at $365-370/t CFR Chattogram, but buying interest remained weak, with bids heard below $360/t.
Turkiye: Deep-sea scrap market remained largely unchanged on d-o-d, with both buyers and sellers showing limited activity. Mills stayed on the sidelines amid slow finished steel sales, while exporters were unwilling to trim offers despite muted demand.
US suppliers targeted $353/t CFR and above for HMS 80:20, backed by tight supply and firm freight. Eurozone collection costs remained high at EUR 250-255/t as winter slowed inflows, keeping sentiment steady but cautious.
Price assessments (d-o-d)
India: UK-origin shredded prices stable d-o-d to $351/t CFR Nhava Sheva.
Pakistan: UK-origin shredded prices rise by $1/t d-o-d at $356/t CFR Qasim.
Bangladesh: UK-origin shredded prices fell by $1/t at $364/t CFR.
Turkiye: US-origin HMS 80:20 bulk prices were at $349/t CFR Turkiye, fell by $2/t d-o-d.
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