- Turkish imported scrap prices under pressure
- Indian mills cut bids, wait for prices to reach bottom
South Asia’s imported scrap markets remained subdued, with weak steel demand keeping bids low in India, Pakistan, and Bangladesh, while Turkiye faced muted trading and pressure on deep-sea scrap prices.
India: India’s imported scrap market stayed weak as falling domestic finished steel prices dampened sentiment. Mills continued to push bids lower, waiting for the market to bottom out. Australian shredded was offered at $366-370/t CFR, but bids remained at $358-362/t, while HMS 90:10 saw offers near $355/t against bids capped at $345/t CFR Chennai.
Pakistan: The imported scrap market remained quiet, with limited activity reported across origins. German busheling was heard at $390-395/t CFR Qasim, while UK shredded offers ranged between $378-384/t depending on the yard.
Bangladesh: Australian shredded was offered at $380/t CFR Chattogram against bids at $370/t, while PNS was indicated at $383/t CFR versus buying interest at $372-375/t. The market remained highly selective for deep-sea cargoes, with preference shifting toward short-sea supplies from Hong Kong, Singapore, and Malaysia.
In the domestic market, rebar demand stayed weak as construction activity slowed, keeping buyers inactive.
Turkiye: Turkish deep-sea scrap import prices edged lower d-o-d, pressured by weak sentiment and muted trading activity. HMS 80:20 was reported in the $340-347/t CFR range, with most deals clustering at $345-347/t CFR. EU-origin cargoes were offered at $343-345/t CFR, while participants noted growing pressure on prices as market activity remained slow.
Participants noted a shortage of US-origin scrap in Turkiye, with more volumes absorbed by domestic mills, contrasting with the ample availability of European cargoes.
Price assessments
India: UK-origin shredded preced edge down by $1/t d-o-d at $364/t CFR Nhava Sheva.
Pakistan: UK-origin shredded indicative prices edged up by $1/t at $380/t CFR Qasim compared to the previous day.
Bangladesh: UK-origin shredded prices remain stable d-o-d at $374/t CFR Chattogram.
Turkiye: US-origin HMS (80:20) bulk scrap prices edged up by $1/t d-o-d to $346/t CFR Turkiye.
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