South Asia: Imported scrap market recovers post Turkish deal

The South Asian imported scrap market saw a rebound after the latest Turkish deal amid restocking supporting scrap prices in the near term. Due to flooding, Pakistani buyers are deferring further bookings. Market participants have informed that two mixed bulk vessels of US origin are arriving at Kandla Port in India as landed prices of imported bulk scrap are lower than those of domestic material, encouraging the secondary mills to import.

Recently, news of three Turkish deals surfaced. The US-origin cargo comprising HMS (80:20) was booked by an Aegean region-based steel mill at $363/t CFR Turkiye. Another, USA origin cargo of 35,000 t HMS (95:5) and 15,000 t shredded traded at an average price of $385/t, CFR. Similarly, a European-origin bulk cargo having HMS (80:20) was booked by a West Marmara-based mill at $360/t, CFR Turkiye.

Price assessment

• The UK-origin shredded scrap prices were at $445-450/t CFR Qasim, up by $2-3/t d-o-d.
  
  
• The UK-origin shredded scrap prices were at $470-475/t CFR Chittagong stable versus yesterday.
  
  
• The Europe-origin shredded scrap offers in India stood at $450-455/t CFR Nhava Sheva.