The South Asian ferrous scrap index showed a further downtrend d-o-d. In India, buyers showed no interest in imported scrap due to price discrepancies. Pakistan faced limited demand amid payment issues and market downturns. Bangladesh saw no firm offers or bids due to political unrest. Meanwhile, Turkiye’s scrap offers remained unchanged, influenced by cheaper Chinese billets.
Overview
India: Indian buyers remained inactive and showed no interest in imported scrap due to discrepancies between offers and bids. Indicative offers for shredded scrap from the US and UK/Europe were assessed at $410-420/t CFR Nhava Sheva. Meanwhile, buyers were asking for prices below this range at around $400-405/t CFR. Offers for HMS (80:20) scrap were at $385-390/t CFR.
Market participants commented, “The market has witnessed some movement in negotiations but at lower levels. By mid-August, buyers are expected to be more active to see if freight rates decrease or increase from specific regions, anticipating a demand rebound post-monsoon.”
Pakistan: In Pakistan, demand for imported scrap remained limited, with minimal inquiries due to payment issues and a subdued steel market. Indicative offers for shredded scrap from the UK/Europe were assessed at $425-430/t CFR Qasim.
A steel mill official said, “Recent heavy rains and delayed payments have disrupted operations. Additionally, with average sales prices are falling below cost, the ability to purchase scrap is constrained, and finished steel sales remained limited. Mills are currently awaiting a price reduction before resuming bookings.”
Bangladesh: No firm offers or bids were reported from Bangladeshi buyers today due to the ongoing political unrest.
Turkiye: Turkish deep-sea imported ferrous scrap offers remained unchanged today due to lack of demand from buyers amid the availability of cheaper billets from China. US-origin bulk HMS 80:20 offers were at $387/t CFR Turkiye.
Price assessments
India: UK-origin shredded scrap indicatives were assessed at $417/t CFR Nhava Sheva, stable d-o-d.
Pakistan: UK-origin shredded indicatives were assessed at $426/t CFR Qasim, down by $1/t d-o-d.
Turkiye: US-origin HMS (80:20) bulk prices were assessed at $387/t CFR Turkiye, unchanged d-o-d.
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