- Persistent rains continue to slow down Bangladesh market
- High freights keep Turkish prices firm despite weak demand
South Asia’s imported scrap markets remained subdued as weak steel demand, liquidity issues, and rains curtailed buying interest. Meanwhile, Turkiye’s prices held steady d-o-d amid high freights and tight margins. Indian prices also hit nearly a five-year low.
India: India’s imported scrap market was weak, as buyers remained cautious and deep-sea activity was minimal. Prices fell to nearly a five-year low, as the steel market continued to slump. CFR offers at western ports were at $352-355/t for shredded, $366-370/t for busheling, and $325-335/t for HMS grades. In Chennai, PNS and NTP offers stood around $360-365/t CFR. Most suppliers continued to face resistance, with buyers seeking at least $5/t lower than offers.
Pakistan: The imported scrap market remained subdued this week amid weak demand, cash flow constraints, and slow finished steel sales. Market participants pointed to limited buying interest as mills focused on managing liquidity and high input costs.
UK/EU-origin shredded was heard traded at $360-362/t CFR Port Qasim, while UAE-origin material was offered at around $380/t.
Bangladesh: The imported ferrous scrap market remained weak, with limited buying activity amid persistent rains and sluggish finished steel demand. Workable levels were at $375/t CFR Chattogram for Singapore-origin PNS, $364/t for Australian shredded, and $345/t for Australian HMS 80:20. Market participants noted that following the General Election, construction activity may pick up, potentially boosting demand and helping the market rebound.
Turkiye: The Turkish imported scrap market remained largely stable d-o-d. Market activity was limited, as both buyers and sellers faced tight margins. Sellers were pressured by high freight costs, while weak downstream steel demand kept buyers cautious.
Tradable values for US/Baltic-origin HMS 80:20 were heard to be between $347-352/t CFR, with buyers showing resistance above $350/t. Mills largely stayed on the sidelines, awaiting clearer direction before committing to new bookings.
Price assessments
India: UK-origin shredded prices fell by $2/t d-o-d to $352/t CFR Nhava Sheva.
Pakistan: UK-origin shredded prices declined by $1/t d-o-d to $361/t CFR Qasim.
Bangladesh: UK-origin shredded prices stood at $367/t CFR, stable d-o-d.
Turkiye: US-origin HMS 80:20 bulk prices were at $351/t CFR Turkiye, up by $1/t d-o-d.
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