- Pak, Bangladesh slow amid Ramadan
- Turkiye scrap prices continue to rise
South Asia’s imported scrap markets faced sluggish activity, weighed down by weak demand, liquidity concerns, and the impact of Ramadan in Pakistan and Bangladesh. In India, buyers remained cautious amid a widening bid-offer gap and ample domestic availability, while Pakistan and Bangladesh saw reduced interest due to festive slowdowns and subdued construction activity. Meanwhile, Turkish scrap prices continued to rise as mills restocked despite weak rebar sales.
UK/Europe-origin shredded scrap offers remained unchanged in Pakistan and Bangladesh while edging up by $1/t in India. US-origin HMS (80:20) offers to Turkiye moved up by $2/t compared to last close on Friday.
Overview
India: India’s imported scrap market remained sluggish as weak demand, liquidity constraints, and a widening bid-offer gap kept trading activity subdued. No firm offers emerged from the US, while UK/European shredded was heard at $375-380/t CFR Nhava Sheva, with bids lower at $365-370/t CFR. HMS (80:20) offers ranged between $350-355/t CFR.
Despite improved rebar demand and rising Turkish scrap prices, Indian buyers resisted higher offers, citing sufficient domestic availability and currency devaluation. With Holi and the fiscal year-end approaching, local market activity is expected to remain muted in the near term.
Pakistan: Pakistan’s imported scrap market remained sluggish as Ramadan slowed buying interest, further pressured by weak liquidity and subdued steel demand. Mills resisted higher offers, keeping bids low. UK/European shredded was offered at $380-385/t CFR Qasim, but limited buying interest brought workable levels down to $375/t CFR. UAE-origin shredded was indicated at $385/t CFR, though negotiable down to $380/t. HMS was heard at $358/t CFR, reflecting overall market weakness.
Bangladesh: Bangladesh’s imported scrap market remained sluggish today as Ramadan festivities slowed buying interest, further pressured by a downturn in construction and infrastructure activities. Australian shredded offers ranged between $380-385/t CFR Chattogram, while Hong Kong PNS and UK-origin shredded were quoted at $375-380/t CFR. Malaysian busheling stood at $385-390/t CFR.
Turkiye: Turkish deep-sea import scrap prices continued their upward trend as mills engaged in restocking despite weak rebar sales. HMS 80:20 from the EU was booked at $359/t CFR, while US/Baltic-origin offers ranged between $360-365/mt CFR. Sellers remained bullish, expecting further price gains due to anticipated US domestic market strength. However, mills remained cautious, negotiating between $360-365/t CFR depending on demand.
Price assessments
India: UK-origin shredded indicatives were assessed at $376/t CFR Nhava Sheva, up by $1/t compared to the last close on Friday.
Pakistan: UK-origin shredded indicatives remained unchanged at $380/t CFR Qasim, compared to last close on Friday.
Bangladesh: UK-origin shredded indicatives were assessed stable at $380/t CFR Chattogram in comparison with the last close on Friday.
Turkiye: US-origin HMS (80:20) bulk scrap prices were assessed at $366/t CFR Turkiye, up by $2/t compared to the last close on Friday.
Article From bigmint
