- Turkiye: Trade muted during holidays, mills resist higher offers
- India: Scrap demand weak as mills avoid fresh bookings
South Asia’s imported scrap market saw subdued activity as mills stayed cautious amid weak steel demand, liquidity issues, and holidays, keeping trading limited and prices largely rangebound across key regions.
India: Imported ferrous scrap market remained subdued as trading stayed limited amid a wide bid-offer gap. Mills avoided fresh bookings due to weak finished steel demand and falling DRI prices. Indicative levels stood at $346-350/t for shredded, $315-320/t for HMS, and $320-325/t for PNS of UK/Europe origin, while regional holidays and limited shredded arrivals near $320-325/t CFR Chennai further slowed activity.
Pakistan: Imported scrap market remained muted, with UK/EU shredded heard at $356-360/t CFR, while HMS hovered around $340-345/t. A local trader described the market as extremely quiet, as rebar prices stayed weak at PKR 230,000-231,000/t in Punjab amid a persistent liquidity crunch.
Bangladesh: Imported scrap market remained subdued, with limited bookings as mills stayed cautious amid weak steel demand and production cuts. Most mills focused on cost management, with buyers showing little interest above $360/t CFR. Some HMS cargoes were heard at $340/t for prompt shipment.
Australian and New Zealand shredded scrap offers hovered around $365-370/t CFR, though buying interest stayed below $360/t. A few Chattogram-based mills explored Japanese scrap options but prioritised destocking finished steel inventories like rebar and wire rods.
Turkiye: Deep-sea imported scrap market remained rangebound d-o-d, with most participants inactive due to Republic Day holidays. Trading activity slowed as mills had already secured sufficient volumes for late November delivery, keeping overall demand subdued.
Market sentiment stayed cautious as mills resisted prices above $350/t CFR for HMS 80:20, with weak rebar demand and sluggish domestic and export markets keeping buyers on the sidelines.
Price assessments (d-o-d)
India: UK-origin shredded prices fell by $1/t at $351/t CFR Nhava Sheva, compared to previous day.
Pakistan: UK-origin shredded prices inched down by $1/t d-od to $355/t CFR Qasim.
Bangladesh: UK-origin shredded prices inched down by $1/t at $365/t CFR compared to previous day.
Turkiye: US-origin HMS 80:20 bulk prices were at $351/t CFR Turkiye, up by $1/t d-o-d.
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