- Indian demand slows amid Diwali holiday lull
- Turkish scrap market steady, mills stay cautious
The South Asia imported scrap market saw subdued activity amid holidays, weak steel demand, and liquidity constraints, with prices largely stable across India, Pakistan, and Bangladesh, while Turkiye remained cautious.
India: Imported scrap prices inched up as compared to the last closing (Friday) despite the long Diwali holidays and weak trading activity. Offers CFR Mundra and Nhava Sheva stood at $354-356/t for shredded scrap and $323-326/t for HMS 80:20. Market participants noted that most buyers and mills were still away, leading to minimal inquiries and limited movement in the market. Traders expect demand to recover once operations resume later in the week.
Pakistan: The imported scrap market remained subdued this week, weighed down by weak demand, tight liquidity, and sluggish steel sales. Mills focused on managing cash flow as input costs stayed high, with UK/EU-origin shredded scrap heard around $360-362/t CFR Port Qasim. Middle East origin -HMS/PNS traded at $352-355/t.
Rebar and scrap prices stayed depressed, and the ongoing liquidity crunch offers little sign of a quick recovery.
Bangladesh: The imported ferrous scrap market remained quiet in the last 4-5 days, with buying activity muted due to extended rainy season and sluggish finished steel demand.
PNS was last heard at $372-374/t CFR Chattogram, with cargoes arriving from Malaysia and Singapore in containers from various shippers. Australian shredded scrap was reported at $368/t.
Turkiye: Deep-sea imported scrap prices slipped slightly to $350-352/t CFR, compared with last week’s $353-355/t range. Market activity remained subdued as mills stayed cautious amid weak finished steel demand and uncertain domestic rebar sales. US scrap prices for November are expected to remain flat following October’s decline, with more deep-sea cargoes anticipated to meet November delivery needs.
Sellers held offers due to high freight rates and tight supply, while buyers stayed on the sidelines ahead of the Central Bank of Turkiye’s policy meeting. Weak sentiment in the long steel market kept mills cautious, though traders foresee a modest recovery later in the month as rebar demand improves and geopolitical tensions ease.
Price assessments
India: UK-origin shredded prices inched up to $354/t as compared to last Friday on a CFR Nhava Sheva basis.
Pakistan: UK-origin shredded prices inch up by $1/t to $361/t CFR Qasim.
Bangladesh: UK-origin shredded prices stood at $370/t CFR, up by $1/t.
Turkiye: US-origin HMS 80:20 bulk prices were at $351/t CFR Turkiye, dropped by $3/t.
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