South Asia: Imported ferrous scrap offers remain unchanged d-o-d

• Indian buyers quiet amid subdued demand
  
  
• Turkish scrap prices stable, may rise after Lunar New Year
  
  

The South Asian ferrous scrap markets witnessed a slowdown amid subdued demand and limited offers. The Indian market remained quiet as buyers focused on domestic scrap, while Pakistan faced disrupted arrivals and reduced activity. Bangladesh showed a slowdown with no deals finalised. In Turkiye, prices remained stable, with potential increases post-Lunar New Year, while European HMS prices were seen to be high.

However, offers for shredded from the UK/Europe saw minor corrections across regions, dropping by $1/tonne (t) d-o-d in India and stable for Bangladesh, Pakistan and Turkiye.

Overview

India: The Indian market remained subdued as buyers turned their attention to domestic scrap, which is more readily available and cost-effective. Offers from the UK and EU are limited, with both sellers and buyers adopting a wait-and-see approach due to the uncertainty surrounding post-Trump market conditions and ongoing developments in Israel. As a result, there is little demand for any grades at the moment.

Imported scrap offers for India include shredded scrap at $370-375/t CFR Nhava Sheva from sellers, while buyers are bidding between $365-370/t. While HMS (80:20) from UK/Europe were at $345-350/t

A trader remarked, "We offered shredded scrap from Israel with a 21-22 t loading to a couple of customers at $378/t CFR Pipavav, but buyers countered with bids at $365/t, making it unfeasible for us."

Pakistan: Pakistani buyers have shown limited activity in the market. Scrap arrivals from the UK and Europe have been disrupted, particularly during the winter holidays.

Offers for UK/Europe shredded scrap prices ranged from $378-383/t CFR Qasim.

Bangladesh: Bangladesh's imported scrap market has experienced a slowdown, with no deals finalised so far this week, indicating that the market is softening. The domestic market is also slow; although there was a brief pickup, it has slowed down again according to market participants.

Offers stood at $375-380/t CFR Chattogram for Australian shredded, $365/t for HMS (80:20), and $390/t for PNS.

Turkiye: Turkish deep-sea import ferrous scrap prices remained stable d-o-d, with most market participants adopting a wait-and-see approach. An agent suggested that US suppliers might offer $338-340/t CFR, potentially marking a price bottom unless significant developments arise.

Market participants expect some bookings for February shipments, with an agent anticipating 8-10 more cargoes to trade in the next two weeks. Prices are expected to stay stable but may rise after China's Lunar New Year holidays. A trader stated, "I don't see these higher levels for now."

A European recycler commented that $330/t CFR Turkiye for European-origin HMS (80:20) appeared "a bit too high at the moment." This indicated that $335/t CFR Turkiye for premium-quality HMS (80:20) remained above current market levels.

Price assessments

India: UK-origin shredded indicatives were assessed at $371/t CFR Nhava Sheva, down by $1/t compared to previous day.

Pakistan: UK-origin shredded indicatives were at $379/t CFR Qasim, stable compared to previous day.

Bangladesh: UK-origin shredded was assessed at $381/t CFR Chattogram, stable d-o-d.

Turkiye: US-origin HMS (80:20) bulk scrap offers remained unchanged at $332/t CFR Turkiye compared to previous day.