- Turkiye: Prices stable amid weak rebar demand
- Pakistan: Market strengthened on active buying interest
South Asia imported scrap markets showed mixed trends on 11 March. India remained stable amid freight pressures, Bangladesh stayed firm with higher offer indications, and Pakistan strengthened on active deals. Meanwhile, Turkiye deep-sea scrap prices held steady with limited trading activity.
India: Imported scrap sentiment in India remained largely stable d-o-d despite ongoing tensions impacting freight and insurance costs. Market sources indicated HMS scrap quotes around $355-365/t CFR India, with HMS (80:20) heard at $360-365/t and HMS 1 around $370-372/t CFR. Shredded scrap was indicated near $385/t, while UK-origin HMS 80:20 was estimated around $370/t and shredded near $390-395/t CFR.
However, no fresh deals were reported, and market participants noted, ” Limited offers to India as Pakistani mills have been more active in booking cargoes amid rising freight, which has increased by around $20-30/t compared to regular shipment levels.”
Bangladesh: Imported scrap sentiment in Bangladesh remained firm, with USWC bulk HMS (80:20) last traded around $373-375/t CFR, while fresh offers were heard above $380/t. H2 scrap following the latest Kanto tender was also indicated higher at around $385-390/t CFR, supported by cautious freight positioning from shipping lines.
Market participants noted that, “Rising freight and raw material costs are increasingly being factored into finished steel prices, as mills look to maintain cash flow stability in the upcoming production cycle.”
Pakistan: Imported scrap prices in Pakistan firmed up d-o-d, with UK-origin shredded heard around $405-412/t CFR Qasim. Market participants noted that buyers have slightly lowered their bid levels compared to the previous day, now around $405/t. Meanwhile, domestic steel prices reacted quickly to market developments, with rebar prices rising from PKR 225,000/t ($804/t) to PKR 245,000/t ($875/t) within three to four days.
Turkiye: Deep-sea imported scrap prices in Turkiye remained on holiday d-o-d on 11 March, with workable levels for US-origin HMS 80:20 heard around $370-375/t CFR. Market participants noted limited trading activity, as sellers are holding back material amid ongoing global uncertainty, while mills remain cautious in their procurement. Weak rebar demand has also weighed on market sentiment, with mills’ attempts to raise finished steel prices seeing limited success.
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