- India buying cautious amid limited workable levels
- Pakistan and Bangladesh markets remain subdued overall
As of 8 October, South Asian imported scrap markets remained subdued, with cautious buying in India and Pakistan, limited fresh trades in Bangladesh, while Turkish prices stayed steady amid weak rebar demand and wide buyer-seller expectations.
India: India’s imported scrap market remained subdued to firm, with buyers continuing to squeeze suppliers amid limited workable levels. Quality HMS was indicated at $390/t CFR India or above, although such levels were not being achieved in current deals. The dollar remained relatively stable, but continued to keep buyer negotiations cautious.
In Chennai, recent Australia-origin levels were heard at $360-365/t for HMS and $375-380/t for shredded. Buyers are mainly seeking containers that can reach plants within October, favouring Southeast Asian and nearshore origins. Workable buyer levels were indicated at $370-375/t for HMS/shredded, $390-395/t for shredded, $410-412/t for busheling and $400-402/t for PNS CFR Chennai.
Pakistan: Imported scrap market remained subdued, with offers limited amid higher freight costs, vessel delays and port space constraints. The latest reported deal was a UK-origin shredded at $415/t CFR Qasim, while recent Middle East-origin transactions remained at elevated levels.
Bangladesh: Imported scrap market remained subdued, with no major fresh trades heard. Recently two deals were reported a Panama-origin HMS 80:20 at $376/t CFR Chattogram and a Hong Kong-origin PNS at $415/t. Australia/New Zealand HMS-PNS mix offers were $390-400/t, against bids at $380-385/t, while Singapore PNS was offered up to $430/t and Malaysia PNS at $424-425/t CFR Chattogram.
Turkiye: Deep-sea imported scrap prices remained steady d-o-d on 8 Oct, with trading muted amid a wide gap between buyer and seller price expectations. Mills stayed on the sidelines, anticipating further downside in scrap prices due to weak downstream fundamentals and subdued rebar demand.
US-origin HMS 80:20 offers were heard at $404-407/t CFR and above, while Turkish mills indicated around $407/t CFR as the maximum workable level. Export rebar prices were around $620-625/t FOB, while domestic rebar prices were heard at $635-640/t ex-works Istanbul. Market sentiment remained weak amid concerns over Turkey’s domestic financial situation.
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