- Turkish scrap market stable amid limited trading interest
- Bangladesh scrap demand muted, buyers resist higher offers
South Asian scrap markets stayed largely stable but cautious, with India quiet on currency pressure, Pakistan slightly softer, and Bangladesh steady. Turkiye held firm, though participants expect price gains ahead.
India: Indian imported containerised shredded scrap prices stayed unchanged, with activity subdued, as currency volatility weakened buying power, and low prices of domestic steel weighed on import demand. Shredded was heard at $360-365/t CFR Nhava Sheva, while HMS 80:20 stood at $330-335/t CFR.
Pakistan: The imported scrap market stayed slow, with UK shredded offered at $375/t but workable near $368/t. European shredded was offered at $370-375/t CFR, with deals at $367-370/t CFR. Domestically, rebars traded at PKR 235,000-236,000/t ($829-833/t), billets at PKR 200,000-202,000/t ($706-713/t), and scrap at PKR 138,000-140,000/t ($487-494/t).
Bangladesh: The imported scrap market stayed mostly stable, with sentiment muted, unchanged from last week. Offers for UK/EU shredded stood at $378-380/t CFR, though buying interest was limited to $370-372/t CFR. On the domestic side, Dhaka rebar prices inched up by BDT 1,000 ($8/t) to BDT 76,500/t ($629/t), while local scrap was at BDT 45,000-48,000/t ($371-395/t).
Turkiye: Turkish deep-sea scrap prices held steady d-o-d, with limited market activity heard. Tradable values were indicated at $334-338/t CFR for US/Baltic-origin HMS 80:20 and $328-332/t CFR for EU-origin material, keeping prices close to recent deal levels.
Participants noted that current low levels may not be sustainable, as exchange rate challenges and high freight costs are discouraging sellers. Some expect US suppliers to hold back until prices rise above $340/t, while recyclers anticipate a potential increase by early October.
Price assessments
India: UK-origin shredded prices rose by $1/t to $364/t CFR Nhava Sheva compared to the previous day.
Pakistan: UK-origin shredded indicatives prices remains stable d-o-d to $370/t CFR Qasim.
Bangladesh: UK-origin shredded prices rose by $1/t at $373/t CFR Chattogram compared to the previous day.
Turkiye: US-origin HMS 80:20 bulk scrap prices stood at $336/t CFR Turkiye, stable d-o-d.
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