- Indian mills show price resistance on slow finished steel demand
- Bid-offer gaps of around $10/t limit deal activity in Bangladesh
South Asia scrap markets remained subdued on 14 April, with limited buying in India, Pakistan, and Bangladesh, as mills were cautious about raw material procurement amid a lack of demand visibility. The Turkish market was muted, with limited deal activity despite firmer offers.
India: The imported scrap market remained weak with limited buying interest, as mills stayed in a wait-and-watch mode amid slow finished steel demand. UK-origin HMS 80:20 (1-2% impurities) was offered at $380-385/t CFR Nhava Sheva, while shredded was heard at $398-405/t. Africa-origin HMS (cast iron mix) was indicated around $395/t, with LMS bundles from Africa at $340-345/t, reflecting varied price levels across grades.
Offer levels across loading periods showed slight variation, with Africa-origin HMS at $387/t (23-24 loading) and $393/t (26-27 loading), Europe-origin at $383/t, and UK HMS (3%) at $380/t. Despite these firm offers, buying activity remained largely absent, as mills resisted higher prices and the market continued to stay quiet with minimal deal flow.
Pakistan: The imported scrap market saw mixed price signals, as UK/EU shredded offers were heard at $430/t CFR Qasim, while Malaysian shredded was higher at $445/t and busheling bundles at $450/t.
Despite firm offers, trading remained selective, with some suppliers indicating no sales so far this month. Current indications include UK-origin HMS (5%) at $365/t and shredded at $427/t CFR Qasim, while Pakistani buyers turned cautious following US-Iran ceasefire developments, targeting lower levels near $420/t for shredded, reflecting resistance at higher prices.
Bangladesh: Imported scrap prices into Bangladesh remained largely stable, with deals reported for UK-origin shredded at $405/t CFR Chattogram and Hong Kong-origin HMS 90:10 at $395/t CFR. However, the market remained restrained due to a bid-offer gap of around $10/t, along with ongoing concerns over price transparency and trust, which continued to delay fresh transactions.
Turkiye: Deep-sea scrap prices remained stable on 14 April, with market activity largely quiet at the start of the week as participants reported limited deal visibility. Offers, particularly from the US, were heard firming above $400-405/t CFR, indicating upward pressure in the near term, though mills remained cautious in their response.
With April shipments largely covered, mills are shifting focus toward late May cargoes, and any fresh buying interest is likely to emerge following clearer direction from ongoing discussions.
Leave a Reply