South Asian imported scrap prices weak as bids fall

• Pakistan markets stable as local scrap keeps market balanced
• Bangladesh markets mixed due to cautious buying and weak rebar prices

South Asia imported scrap markets softened overall, with Indian markets weaker on low bids, Pakistan markets stable on steady shredded scrap prices, and Bangladesh markets mixed amid cautious buying. Turkish markets held firm with mild upward sentiment.

India: Imported scrap markets in India softened on Thursday as buyers stepped back, with bid levels slipping across most grades. Buyers capped bids at 320/t CFR Chennai for 24-25 t loading HMS from Africa, down from $325-326/t last week, widening the gap between bids and offers. Slow movement of finished steel products, and cautious procurement reduced buying appetite.

Prices of shredded scrap from the US traded at 345/t, while European and Australian shredded scrap prices hovered around $5/t higher into Nhava Sheva. HMS 80:20 and 90:10 offers stood at $325/t and $340/t depending on origin and quality.

In western India, shredded scrap and PNS offers stayed at between $355-360/t CFR Nhava Sheva/Mundra, but bids slipped to between $340-345/t due to weak demand. Mills avoided new bookings amid a slowdown in the construction sector, relying on domestic scrap and targeting January arrivals, keeping sentiment soft.

Pakistan: Pakistan’s imported scrap market held steady, with shredded scrap from Europe and the UK assessed at $355/t CFR Qasim, and some mills indicating workable levels near $353/t for limited cargoes. HMS from the Middle East was heard around $338/t CFR, while sheared HMS traded close to $343/t CFR.

Bangladesh: The imported scrap market in Bangladesh showed mixed price movement on Thursday, with negotiations continuing for 5,000 t of PNS from Malaysia/Singapore/Hong Kong at $370/t CFR Chattogram against buyer bids of between $363-365/t, while another Argentina-origin PNS cargo was under negotiated at $355/t due to lower grades. Suppliers remained firm on offers, but buyers were unwilling to increase bids given comfortable stock levels and limited demand.

Turkiye: Deep-sea imported scrap prices stayed stable d-o-d, with expectations of a near-term rise in prices supported by firm rebar demand. A cargo of US-origin HMS 80:20 was heard at$ 356/t CFR, with tradable levels at between $355-357/t. Seasonal tightness and firm European bids around $354/t and offers near $355/t kept price sentiment mildly positive.