Scrap ship import prices in India, Pakistan and Bangladesh remained unchanged w-o-w, as per SteelMint assessment.
Among the subcontinental recycling destinations, India is leading the price board.
Overall, it was a softer week in terms of sentiments in Pakistan, while Bangladesh remained largely absent from buying for yet another week.
India – the leading market
India remained in the lead on the subcontinent market for yet another week. The week began with a dip in buying interest from recyclers at Alang but ended with an increase in enquiries.
India is currently able to offer attractive prices to secure tonnage available in the recycling market.
Deals
Total tonnage at Alang Port last week stood at 69,537 LDT, down 39% w-o-w.
Pakistan’s buying interest dips
The recyclers from Gadani lowed down their buying activities as international scrap prices fell last week leading to lowered enquiries. Domestic demand remained slow during the Ramadan week. However, demand is expected to improve after the Eid holidays.
Imported scrap prices have softened by about $15/t on-week, as per SteelMint.
Deals
Total tonnage at Gadani Port last week was 44,048 LDT, down 8% w-o-w.
Dull sentiments in Bangladesh
The recyclers in Chittagong remained largely quiet ahead of the Eid holidays, as subdued domestic demand and the decline in international scrap prices made them wait for clearer price directions.
Due to limited buying activities during the month, steel mills are experiencing a shortage of scrap inventories, resulting in expectations of an increase in demand after the holidays.
Deals
Total tonnage reported last week at Chittagong Port was 28,151 LDT, down 57% w-o-w.
Prices in $/LDT
Source: SteelMint Research
Outlook
Buyers in Pakistan have now turned cautious owing to subdued domestic demand and falling international scrap prices. Recyclers in Bangladesh are expected to resume purchases after the Eid holidays after attaining some clarity on price movements.
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