South Asia: Import ferrous scrap market sees moderate trading activity, prices stable

The South Asian ferrous scrap market witnessed moderate trading in India, Pakistan, and Bangladesh. However, Bangladesh was active briefly before falling silent again. Prices in Turkiye remained stable amid nominal deals concluded. SteelMint summarises key market developments:

India: Offers for European shredded scrap remained steady at around $440/t. No major deals were reported. Nevertheless, an Indian steel mill was heard to have booked a bulk scrap cargo from the US West Coast, which will arrive at Chennai port. The cargo comprises 32,000 t of mixed scrap, in which shredded material was booked at $410/t and PNS at $415/t. Another bulk vessel of US origin was heard booked with HMS (80:20) at $410/t at Mundra Port, although confirmation is pending.

Domestic scrap prices declined, attracting more buyers. The finished steel market saw limited movement, while the semi-finished market saw some activity even as scrap availability was moderate.

Pakistan: Pakistani scrap buyers continued bookings, but demand for finished steel remained sluggish. Major mills have concluded containerised deals in the range of $435-440/t last week.

Bookings were heard yesterday at $440/t but fresh offers are at $445/t for the day, SteelMint learned from sources.

Bangladesh: Offers for European shredded scrap and HMS of EU origin remained unchanged today. Imported scrap was more cost-effective than domestic scrap by BDT 10-12,000/t. Enquiries for scrap from New Zealand, Chile, and the Philippines were ongoing, with participants anticipating some deals to get concluded.

Turkiye: Turkish import ferrous scrap prices remained unchanged. Deals from the Baltic region were reportedly concluded at $375/t for HMS (80:20) along with other mixed materials. Turkish market participants mentioned that some mills were uncertain due to the election results, adopting a wait-and-see approach.

There were expectations of a price rise and availability is lower than before the election, according to a source.

SteelMint's daily assessment for US-origin HMS 1&2 (80:20) stood at $375/t CFR Turkiye, unchanged d-o-d.

Recent deals

Around 500 t of shredded scrap from Europe was booked at $440/t CNF Qasim.

1,000 t of Jordan-origin HMS (90:10) was booked at $430/t CNF Mundra.

Price assessments

• Europe-origin shredded scrap offers into India stood at $440/t CFR Nhava Sheva, remaining unchanged d-o-d.
  
  
• UK-origin shredded scrap prices into Bangladesh stood at $460/t CFR Chattogram, stable d-o-d.
  
  
• In Pakistan, UK-origin shredded scrap prices stood at $443/t CFR Qasim, largely stable.

  The South Asian ferrous scrap market saw prices and demand fluctuating today.