- India selective buying, steady deals at workable levels
- Pakistan steady, Bangladesh firmer despite weak demand
South Asian imported scrap markets stayed largely subdued on 1 Dec. Market activity in India was sporadic, while Pakistan markets remained steady amid cash constraints. Prices rose in Bangladesh, despite weak demand and limited buying.
India: Imported ferrous scrap demand in India remained steady on Monday, with ongoing cargoes actively sold into Nhava Sheva, Mundra, and Chennai. Market participants reported workable Brazil HMS levels at between $325-340/t CFR depending on loading terms, while turnings were heard around $302/t CFR, reflecting selective buying amid cautious market conditions.
Buyers maintained that Heavy Melting Steel (HMS) has not been transacting at the widely quoted $330-340/t range anywhere in India, despite suppliers continuing to target those levels. PNS was viewed as workable at $340-345/t, roughly $10-15/t below usual market ranges. Although buyers remain selective, recent trades suggest pricing is firmer than general market chatter implies.
Pakistan: Imported scrap prices remained stable, with shredded scrap from Europe and the UK assessed near $355/t CFR Qasim. Domestic scrap held firm at around PKR 136,000/t ($482/t) ex-factory, while mixed sentiment and cash flow constraints continued to weigh on buying activity.
Bangladesh: Imported scrap markets in Bangladesh stayed subdued as mills continued to struggle with weak downstream demand and liquidity constraints, yet price indications kept moving upward. Bulk offers into Chattogram have now crossed $365/t CFR, reflecting firmer sentiment in the market despite restrained buying interest.
Turkiye: Deepsea scrap prices remained steady on 1 Dec, as muted trading reflected buyer caution amid unclear near-term steel demand, while seasonal supply tightness and high dry-bulk freight costs continued to support seller price expectations.
EU-origin HMS 80:20 was indicated at between $356-358/t CFR and US-origin at between $362-364/t CFR, with limited bookings as mills resisted higher levels despite expectations of tighter supply ahead of the Christmas period.
Leave a Reply