- Wider bid-offer gaps restricted fresh Pakistani bookings
- Elevated freight costs continued limiting Turkish buying
Asian scrap markets remained mixed, with buying activity staying cautious across major markets on a d-o-d basis. Imported scrap prices in India and Bangladesh showed firmer indications, while Pakistan remained subdued due to limited fresh bookings. In Türkiye, deepsea scrap prices were largely stable, as elevated freight costs and ongoing geopolitical uncertainty kept market participants cautious. Meanwhile, firmer rebar prices offered some support to Turkish mills.
India: Imported containerized shredded scrap prices increased, supported by firmer market sentiment following a recent rise in domestic steel prices. Shredded scrap offers were heard at around $395-400/t CFR India, while HMS 80:20 was indicated at approximately $340/t CFR. Market participants reported limited spot offers, as sellers remained cautious and reluctant to commit to lower levels, anticipating improved demand as the monsoon season approaches its end.
Buying activity remained moderate, with domestic scrap availability and subdued finished-steel demand continuing to limit transactions. African HMS 80:20 was heard at $335-345/t CFR Nhava Sheva, while hand-loaded HMS was booked at $350-355/t CFR.
Pakistan: Ferrous scrap market saw limited fresh activity d-o-d, with mills staying on the sidelines amid sufficient coverage of immediate requirements. Cautious buying sentiment kept transactions thin, while suppliers remained firm on pricing.
Open-yard material was offered at $415/t, against bids around $412/t. Yard material was heard at approximately $425/t, with the wider bid-offer gap restricting fresh bookings.
Bangladesh: Deep-sea scrap market remained active, with HMS 80:20 at around $365-370/t CFR Chattogram and shredded scrap at $390-398/t CFR. PNS Singapore offers were heard at $410-415/t, while Malaysia PNS was indicated at $405-410/t. US West Coast HMS was offered at $385-390/t CFR, with buyers bidding around $380/t. In the container market, Australia-origin HMS traded at $370-375/t CFR, while shredded offers were heard at $395-400/t CFR.
Turkiye: Deepsea scrap import prices remained stable d-o-d on 18 Aug, with premium HMS 80:20 assessed at $376/t CFR Turkey, unchanged from the previous day. Market activity remained quiet, with tradable levels estimated at $375-376/t CFR. Limited seller availability, elevated ocean freight costs and ongoing geopolitical uncertainty kept market participants cautious. However, some participants expected prices to gain modestly when European suppliers return to the market in September.
Meanwhile, Turkish export rebar prices edged higher, with offers heard at $580-590/t FOB Turkey, as mills raised prices amid continued freight disruptions in the Black Sea.
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