- Turkiye demand firms up as Jan’25 bookings increase
- INR slides to historic low, Indian market muted
South Asian scrap buyers stayed selective and quiet in the midst of currency pressure, tight liquidity and weak steel demand while the Turkish market firmed up on rising freights and cost support as mills actively secured January cargoes in the face of limited supplies.
India: Imported scrap trade in India remained highly selective, showing a slight pickup in interest despite currency pressure as the INR touched 90 against the USD. Bid indications at CFR Chennai were heard at $325/t for hand-loaded HMS (24-25 t loads), $350/t for NTP bales, and $305/t for turnings, while offers included EU shredded at $350-352/t CFR Nhava Sheva, Hong Kong PNS at $360-365/t CFR Chennai, and Malaysia busheling at $364-366/t CFR Chennai.
Pakistan: Imported scrap prices remained flat in Pakistan despite high offer levels as the local market stayed cash-strapped and slow. EU shredded held at $353-356/t CFR and UAE HMS 80:20 at $335-337/t, while billet was traded near PKR 185,000/t ($655/t) in small 500-1,000 t lots, below replacement levels as furnaces sold at losses due to weak downstream demand and cautious winter restocking.
Bangladesh: Imported scrap demand in Bangladesh remained muted, with containerised Australian HMS/shredded offered at $340-360/t CFR. Bulk US HMS 80:20 was quoted at $355-360/t (bids $345-350/t), Japan H2 at $342-345/t (bids $335-338/t), and Chile/Brazil HMS offered near $335/t (bids around $330/t). Local scrap rose BDT 500-700/t ($4-6/t), but weak rebar sales kept activity slow as mills stayed cautious, awaiting a post-election or January demand recovery.
Turkiye: Deep-sea scrap prices edged higher on 3 December supported by firm freight rates and elevated collection costs. A UK-origin cargo of around 30,000 t to Marmara was booked at $358/t CFR for 10,000 t HMS 80:20, $378/t for 10,000 t shredded, with the balance comprising bonus and new cuttings at $378-388/t for January shipment.
Buying interest strengthened as mills actively sought January cargoes, with many still short of monthly requirements. Limited seller availability kept market options tight, sustaining upward price support amid ongoing negotiations.
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