- Prices strengthen in Pakistan, Indian import demand subdued
- Turkish scrap prices ease despite increased mill bidding activity
South Asian imported scrap markets diverged on 23 October, with offers in Pakistan rising amid UAE supply disruptions, Indian buying remaining subdued, and Bangladesh prices firming up amid higher freight costs. Turkiye’s prices eased, despite improved mill bidding activity and continued cautious sentiment.
India: Imported containerised scrap market remained stable d-o-d, with Latin American-origin HMS 80:20 at around $365/t at Mundra. UK-origin shredded scrap offers stood at $400-405/t CFR Nhava Sheva against bids of $390-395/t, while HMS 80:20 offers were at $365-370/t. Separately, a trader reported selling a of UK-origin steel turnings at $337/t in Chennai, split into two lots across the previous and current weeks.
Buying interest remained subdued amid weak downstream sales and elevated freight costs, keeping imported shredded scrap expensive for Indian buyers. Market participants noted that sellers were finding better opportunities in Pakistan and Bangladesh, where demand and price realisations were comparatively stronger.
Pakistan: Imported ferrous scrap market strengthened amid disruptions to UAE supplies, tightening availability and prompting buyers to seek replacement cargoes. UK/EU-origin shredded scrap offers rose to $420-422/t CFR Qasim from $409-412/t last week, while a UK-origin loaded shredded cargo was reportedly sold at $425/t CFR Qasim on Saturday. Sellers adopted firmer pricing positions amid supply concerns.
Bangladesh: Imported scrap market remained firm, with Japanese-origin H2 offers at $405-410/t CFR Chattogram as freight rates from Japan climbed to $90-100/t for 15,000-20,000 t cargoes, increasing landed costs. European-origin containerised shredded scrap was offered at $410/t CFR, while HMS 80:20 stood at $378/t. Malaysian bundle mix was quoted at $345-350/t, with busheling offers at $415/t CFR Chattogram.
Turkiye: Deep-sea imported scrap market remained stable d-o-d on 23 October, with HMS 80:20 assessed at $394/t CFR. Buying interest improved as more Turkish mills entered the market, with bids for US- and Baltic-origin HMS 80:20 reported at $395/t CFR. A Baltic-origin cargo was reportedly booked above $395/t CFR during the week, although details remained unconfirmed.
Tradable values for US-origin HMS 80:20 ranged from $392-400/t CFR, while EU-origin material was indicated in the $380s/t CFR. Despite increased bidding activity, sentiment remained mixed as weak downstream demand and subdued finished steel sales continued to weigh on prices.
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