- Pakistan: High prices continue limiting fresh buying activity
- Bangladesh: Firm offers persist despite limited trading activity
South Asian imported scrap markets remained subdued on 7 October, with India and Bangladesh seeing limited buying, while Pakistan faced high prices and cautious activity. Turkiye remained steady, despite weaker rebar sentiment and firm seller expectations.
India: Imported scrap market remained subdued, with buyers actively squeezing suppliers amid limited workable levels. Quality HMS could be valued at $390/t or above for India, although such levels were not being achieved in current deals. Africa-origin scrap offers for Mundra were heard at $370/t for HMS 80:20 and $335/t for LMS.
Fresh offers included a New Zealand HMS 90:10 with 1% impurities at $390/t CFR India, subject to reconfirmation; a of Brazil HMS 80:20 with 2-3% impurities at $373/t CFR India; and a UK yard-origin cut-sheared HMS with 2-3% impurities at $370/t CFR India.
Pakistan: Imported scrap market remained subdued, with no deals reported from some buyers due to high prices. Recent Middle East-origin transactions included a fabrication scrap at $423/t CFR Qasim, a compressor dome at $415/t, a structural scrap at $477/t and a structural and ship plates at $473/t CFR Qasim.
Local market activity saw some movement, although mill-side workings remained dull at around 35%. Offers were heard at $420/t for shredded and $390/t for HMS CFR Qasim. Market participants had mixed views on the UAE scrap restrictions, with some expecting them to be removed after 8 October due to high inventories at UAE yards, while others did not expect the restrictions to be lifted.
Bangladesh: Imported scrap market remained subdued, with few trades heard so far. Shipyard scrap was around BDT 56,000/t ($455/t), while Australian HMS 90:10 was offered at $400/t and PNS at $405-410/t CFR Chattogram. A largest Mills PNS was offered at $410-415/t, UK shredded at $400-405/t, and Singapore PNS up to $430/t, with bids awaited. Malaysian PNS was lower at $424-425/t.
Turkiye: Deep-sea imported scrap prices remained steady d-o-d on 7 October amid a buyer-seller stalemate. Mills remained cautious about high scrap prices as domestic rebar sentiment weakened. However, US suppliers remained bullish, supported by elevated freight, tightening winter scrap flows and firmer US domestic prices. Mills were making selective purchases to limit upward price pressure, while sellers expected Turkish scrap prices to move towards $412-415/t CFR in the coming weeks.
Leave a Reply