- India scrap buying subdued with limited spot bookings
- Pakistan market quiet amid year-end slowdown
South Asia’s imported scrap markets remained largely subdued, with India, Pakistan, and Bangladesh recording limited buying amid weak demand and year-end slowdowns. Prices stayed mostly stable, while Turkiye’s market held firm, supported by tight supply and strong seller resistance.
India: Imported scrap demand in India remained subdued, with limited buying interest despite some spot bookings. Shredded scrap was heard at $355/t, UK-origin HMS at $323/t, PNS at $347/t, and hand-loaded HMS at $335/t. Western Australia-origin HMS was bid at $335/t, though suppliers sought $340/t, while LMS was available around $305/t. Indicative prices for EU-origin material were reported at $345-350/t CFR Nhava Sheva/Chennai for shredded and $316-320/t for HMS 80:20.
Pakistan: Pakistan’s imported scrap market remained subdued, with imported scrap assessed at $355-358/t and local scrap prices around PKR 129,000/t ($467/t). Shredded scrap offers were heard near $360/t, but buyer response remained muted due to year-end slowdowns, with only small-volume bookings reported. Sentiment stayed bearish in the near term, though some participants expect restocking-led buying to pick up from mid-January.
Bangladesh: Bangladesh’s imported scrap market saw little movement day on day, as trading activity remained limited. Price indications were heard at around $363/t CFR for Hong Kong-origin oversized PNS, $353/t CFR for Hong Kong shredded, and $350/t CFR for Australian shredded, with levels holding steady amid thin market participation.
Turkiye: Deep-sea imported scrap prices remained stable day on day on December 23, as market activity slowed ahead of the Christmas holiday period. Participants reported quieter trading conditions, with limited deal-making and expectations among some market players that prices would largely hold steady in the absence of strong buying interest.
Market sentiment, however, stayed mixed, as several sellers maintained a bullish stance due to scarce availability and elevated scrap collection costs. Offers were reported close to $370/t CFR, with traders noting that mills were struggling to find willing sellers. On the buy side, mills remained hesitant to commit to fresh purchases, keeping the market balanced despite firm seller resistance.
Leave a Reply