- Bangladeshi mill secures 20,000 t of H2 scrap in Kanto tender
- Seasonal tightness supports bullish market sentiment in Turkiye
Imported scrap markets across South Asia remained firm on September 9, with India and Pakistan seeing cautious buying, Bangladesh supported by strong bookings and elevated prices, while Turkiye held stable amid bullish sentiment and seasonal supply tightness.
India: India’s imported containerised scrap market remained firm, supported by improved demand for shredded scrap on the back of good finished steel sales. However, no firm bids or trades were heard for imported shredded scrap, with offers limited or considered too high for buyers. As a result, HMS 80:20 continued to see most import activity, while UK shredded was offered at around $410/t and UK HMS at $375/t, although bids remained low.
Pakistan: The imported scrap market remained firm, with UK-origin shredded scrap reportedly sold at $420/t CFR Port Qasim. UK suppliers offered material at $420-425/t, while buyers targeted $415-418/t. However, payment issues and weak construction activity, particularly in Punjab, kept buyers cautious. Local scrap was heard at PKR 139,000-141,000/t ($501-508/t) exw, providing a relatively high-cost alternative to imported material.
Bangladesh: The imported scrap market remained firm at elevated levels, with activity strengthening over the past two weeks. Australian/New Zealand-origin shredded scrap was booked at $400-410/t CFR Chattogram, while HMS 90:10 was booked at $385-390/t. A Philippines-origin PNS cargo was also heard booked at $378/t CFR Chattogram. Offers stood at $390-400/t for Australian shredded scrap and $360-365/t for Australian HMS.
A Chattogram-based mill also emerged as the successful bidder in the September Kanto tender, securing 20,000 t through a Japanese trading company at an average winning bid of JPY 48,113/t FAS ($313.6/t). Bangladesh’s consecutive participation in the Kanto tender highlights firm demand for Japanese scrap, while elevated regional scrap prices and limited availability continue to support the market.
Turkiye: Deep-sea imported scrap market remained stable d-o-d on 9 September, with sentiment turning slightly bullish after prices edged higher for a second consecutive day. US recyclers targeted around $380/t CFR for premium HMS 80:20, while tradable values were assessed at $381-385/t CFR. Market participants remained divided on the near-term outlook, with seasonal supply tightness supporting expectations of further gains, although concerns over weaker winter demand kept buyers cautious.
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