- Bangladesh firm; Pakistan active despite Ramadan slowdown
- India softens; Turkiye stable as freight rises
South Asia imported scrap markets showed mixed sentiment on 16 March, with Bangladesh remaining firm on steady buying, Pakistan active despite Ramadan slowdown, India seeing softer imported scrap prices, and Turkiye stable as rising freight supported seller expectations.
India: Imported scrap sentiment in India remained cautious d-o-d as buyer bids stayed below prevailing offers, with mills reluctant to accept higher price levels. Market sources noted that weaker buying interest, a stronger dollar above 92, and concerns over domestic gas supply have reduced procurement activity. In addition, the ongoing financial year-end closing has further slowed trading activity.
Indicative tradable levels were heard slightly lower, with shredded scrap around $368-370/t CFR Nhava Sheva/Mundra and HMS 80:20 near $355-356/t CFR. Offers remained higher, with shredded around $380/t and HMS 80:20 (hand-loaded, 1% impurities) near $360/t, while freight from the UK/EU/Ireland was reported around $55/t. Market participants added that stronger demand from Pakistan and Bangladesh contrasted with quieter conditions in India.
Bangladesh: Imported scrap market sentiment in Bangladesh remained firm, supported by steady buying activity and higher freight costs linked to the Middle East conflict. Meanwhile, UK-origin shredded scrap was heard around $390-395/t CFR, while HMS 80:20 was indicated near $370-375/t.
Pakistan: Imported shredded scrap in Pakistan was heard traded around $405-415/t CFR Qasim, with Poland-origin material reported at similar levels. Fresh offers were indicated near $410/t, while buyer bids remained lower at $400-405/t, as many market participants expect prices to soften.
Sentiment has gradually softened during the last week before Eid, though Pakistan remains an attractive market for UK/EU suppliers due to comparatively higher price levels than neighbouring countries. Meanwhile, freight costs surged over the past week, with 20-ft container rates rising from about $1,400 to around $2,100, significantly increasing landed scrap costs.
Turkiye: Deep-sea imported scrap prices in Turkiye remained largely stable d-o-d on 16 March, with US-origin HMS 80:20 heard around $375-378/t CFR. Freight from the US East Coast increased by $10-20/t to $50-60/t, supporting seller expectations, though weak rebar demand and cautious mill buying limited price increases.
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