- Indian trade stays subdued amid festive slowdown, weak demand
- Bangladesh offers remain firm even as elevated steel stocks curb demand
South Asian imported scrap markets remained mixed on 21 October, with Indian trading subdued by festive closures and weak steel demand. Pakistani offers rose amid UAE supply disruptions, while Bangladesh prices stayed firm and Turkish markets remained stable amid cautious mill buying.
India: The imported containerised shredded scrap market remained stable d-o-d on 21 October. No firm offers, bids or trades were reported during the day, as a major local festival limited market activity.
Import buying remained subdued amid weak finished-steel demand and festive disruptions, with market participants largely on the sidelines. UK-origin shredded offers stood at $400-405/t CFR Nhava Sheva, against indicative bids of $390-395/t CFR, reflecting a wide bid-offer gap; for HMS 80:20; offers were at around $365-370, but bids were down to $355-360/t.
Pakistan: Imported ferrous scrap prices strengthened following the recent disruption in UAE supplies following the sinking of a vessel carrying an estimated 30,000 t of scrap. UK/EU-origin shredded scrap offers rose to $420-422/t CFR Qasim from $409-412/t last week. A UK-origin loaded shredded cargo was reportedly sold at $425/t CFR Qasim on Saturday.
Buyers sought replacement cargoes as available offers dwindled, prompting sellers to adopt firmer pricing positions. A Karachi-based steelmaker expected prices to rise by a further $5-10/t in the coming days amid anticipated stronger demand from the UK and Europe.
Bangladesh: Imported ferrous scrap offers remained firm, with Singapore-origin PNS quoted at $430-435/t CFR Chattogram as November freight rates increased. Malaysian-origin offers were unavailable amid a lack of vessel space. Meanwhile, UK-origin shredded scrap was indicated at $408-410/t CFR, while HMS offers stood at $370-375/t. Australian-origin containerised shredded scrap was offered at $415/t CFR Chattogram, but elevated finished-steel inventories continued to limit import demand.
Turkiye: Deep-sea imported scrap market in Turkiye remained stable d-o-d on 21 October, with HMS 80:20 at $395/t CFR, unchanged from the previous day. Trading activity remained muted due to limited availability of US and European offers and cautious mill buying.
Weak rebar sales and pressure on finished-steel prices continued to weigh on procurement, with mills reluctant to accept higher scrap costs. Market participants cited elevated and volatile freights as an additional concern, while buyers were reportedly unwilling to pay above $385/t CFR for European-origin material under current market conditions.
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