- Turkish prices stable amid inquiries for Feb shipments
- Indian market sees limited buyer activity; offers stable
The South Asian ferrous scrap markets witnessed a largely stable trend, with limited buyer activity across India, Pakistan, and Bangladesh. Indian bids remained largely $4-5/t less than current market offers, while Pakistan had little interest in EU-origin shredded offers. In Bangladesh, minimal activities were heard in a largely dull market. Turkish scrap prices held steady amid tight availability and cautious sentiment.
India: The Indian imported scrap market remained subdued amid limited buyer activity. Bids for structural scrap, including H-beams and other demolished materials of UK/European origin, hovered at $360-365/t levels.
Shredded scrap offers for India were reported at $375-380/t, reflecting a lack of significant transactions at lower prices.
A recent deal for 300 t of Poland-origin fabrication scrap was concluded at $390/t CFR Mundra. Firm bids for shredded grades from Europe were at $365/t CFR Mundra, but sellers were unwilling to match these levels, with offers currently standing at $375-378/t.
Pakistan: The Pakistan imported scrap market remained quiet, with limited buyer activity. Offers for EU-origin shredded scrap were largely stable at $380-382/t CFR. UAE-origin shredded and PNS mix were being offered at $395-400/t CFR Qasim, but buyer interest remained subdued.
Bangladesh: The Bangladesh ferrous market continued to witness slow activity.
As per market insiders, recently, a deal was finalised in the imported scrap market for 2,000 t of Hong Kong-origin PNS and H-beam material at $392-395/t CFR Chattogram, with the freight cost for a 20 ft container being approximately $1,150/20ft translating into $45-50/t.
Turkiye: Turkish imported deep-sea scrap prices remained steady d-o-d, following a rebound from recent bulk transactions. European recyclers hesitated to lower offers, citing the stronger Euro against the dollar, while US recyclers aimed for offers above $340/t CFR Turkiye.
Turkish mills are facing a tight market because of limited scrap availability, which is helping to keep prices stable at present.
Market participants are expecting further price changes, though any increases are expected to be modest. Traders remain cautiously optimistic, with some expecting gradual price improvements.
A trader stated, “A $5-10 increase in deep-sea scrap prices is possible, but a significant surge is unlikely in the short term.”
Additionally, rising Baltic-origin scrap prices were driven by high collection costs. Despite this, some traders are hopeful that positive market sentiments could push prices even higher.
Price assessments
India: UK-origin shredded indicatives were assessed at $376/t CFR Nhava Sheva, up by $1/t d-o-d.
Pakistan: UK-origin shredded indicatives were at $381/t CFR Qasim, which fell by $1/t compared to the previous day.
Bangladesh: UK-origin shredded was assessed at $384/t CFR Chattogram, stable d-o-d.
Turkiye: US-origin HMS (80:20) bulk scrap offers remained stable at $340/t CFR Turkiye compared to the previous day.
Leave a Reply