- Indian buying subdued; Pakistan remains a buyer’s market
- Bangladesh market rangebound; Turkiye prices hold firm
South Asian scrap markets remained mixed on 29 September, with India subdued amid import constraints, Pakistan in a buyer’s market, and Bangladesh rangebound on weak demand. Türkiye’s deep-sea prices stayed firm at $404/t CFR, although high prices and weak rebar sales limited buying momentum.
India: The imported scrap market remained subdued, with availability tightening amid difficulties in arranging imports under the new PSIC requirements. A cargo of Brazilian HMS 80:20 (1% impurity) was sold at $385/t CFR Mundra, while a South African HMS 1 was heard at $380/t CFR West Coast India. UK, US and EU-origin supplies have largely withdrawn as Turkiye prices reached around $405/t, although lower shredded scrap offers were available in limited volumes. Demand for HMS 80:20 imports is expected to remain firm until Diwali.
Pakistan: Imported scrap market remained a buyer’s market, with suppliers holding material on water while buyers stayed largely inactive. Pakistan shredded scrap was offered at $415-416/t CFR Qasim against bids around $412/t, while India-origin shredded was offered at $415/t, with bids at $405-410/t. A 500 t UAE-origin compressor scrap deal was concluded at $415/t CFR Qasim.
Recent deals included a UK-origin shredded at $423/t CFR Qasim in transit and a booked at $418/t CFR Qasim, with another transaction heard at $420/t subject to vessel availability. Local scrap prices remained at PKR 134,000-138,000/t ($483-498/t).
Bangladesh: Imported scrap market remained quiet, with limited fresh trading amid concerns over weaker rebar sales. Malaysian PNS offers were heard at around $415/t, although lower bids were not matching sellers’ expectations, while Chilean HMS 90:10 was bid at around $390/t CFR. US West Coast bulk HMS was indicated at around $400/t CFR Chattogram, keeping the market rangebound.
Turkiye: Deep-sea imported scrap prices remained steady d-o-d on 29 September, with Platts assessing premium HMS 80:20 at $404/t CFR amid a buyer-seller stalemate. Mills continued to view current price levels as high, with tradable levels indicated below $400/t CFR, while sellers remained firm amid expectations of replenishment demand for December-arrival cargoes.
Turkish mills are expected to step up procurement as they need to cover minimum volumes for November shipments, which could provide some support to near-term prices. However, weak domestic rebar sales, which have reportedly stalled since last week, continued to limit buying momentum and kept the market in a cautious wait-and-watch mode.
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