- Indian market remains quiet amid thin liquidity
- Weak finished demand curbs trade in Bangladesh
South Asia’s imported scrap markets remained subdued, with weak steel demand, limited liquidity, and payment delays curbing trade, while offers from key origins in India, Pakistan, and Bangladesh stayed mostly stable. Additionally, Turkish prices firmed up as trading activity picked up, and the market expects further gains.
India: The imported ferrous scrap market remained largely quiet, with limited trading activity and thin liquidity. Shredded scrap was offered at $355-360/t, HMS 90:10 at $340-345/t, and HMS 80:20 at $330-335/t CFR Chennai. Workable levels were heard slightly lower, with shredded at $345/t, HMS 90:10 at $330-335/t, and HMS 80:20 at $325-328/t, reflecting subdued market sentiment.
Pakistan: The imported scrap market remained weak amid pressure on the finished steel sector. Locally, scrap was assessed at PKR 130,000-132,000/t ($461-468/t), while the imported market stayed subdued with UK shredded at $355-356/t CFR, Sweden shredded at $360/t CFR, and EU shredded at $359/t CFR.
Bangladesh: The imported scrap market was subdued, with weak finished steel demand keeping mills cautious and curbing fresh bookings. Trade activity was further constrained by ongoing delays in opening letters of credit (LC) and payments. Offers from Australia and New Zealand remained scarce, while Hong Kong-origin PNS was assessed at $365-368/t and South American HMS 70:30 at $330-335/t.
Turkiye: Deep-sea imported scrap prices rise d-o-d, though market sentiment turned firmer with expectations of further gains in the coming days. Trading activity picked up, with several deals heard concluded earlier in the week.
A mill was heard to have booked a US-origin HMS 90:10 cargo at around $350/t CFR and shredded at $370/t CFR, while a Marmara-based mill was said to have secured an EU-origin HMS 80:20 cargo at $349/t CFR, though both deals remained unconfirmed by market close.
Price assessments
India: UK-origin shredded prices fell by $1/t to $350/t CFR Nhava Sheva compared to the previous day.
Pakistan: UK-origin shredded prices remians stable d-o-d to $355/t CFR Qasim.
Bangladesh: UK-origin shredded prices were stable d-o-d at $365/t CFR.
Turkiye: US-origin HMS 80:20 bulk prices were at $356/t CFR Turkiye, up by $2/t d-o-d.
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