South Asia's imported scrap market continues silence towards weekend; Turkiye sees some deals

South Asia's imported scrap market witnessed a slowdown towards the weekend on Friday. However, offers remained unchanged today, yet the negotiations remain slow between both buyers and suppliers. On the other hand, the Turkish market witnessed some low-priced deals.

Market Overview

India: Indian scrap buyers remained active in the market, with some active transactions recorded throughout the week.

Interestingly, prices were range-bound for the day. Yet deals remained absent today as buyers look for clearer market direction.

Meanwhile, trading activities for sponge iron have increased on an improved demand at lower prices, especially in the eastern and central regions. Nevertheless, market players remained cautious due to a lacklustre response from the finished steel market, SteelMint noted.

Pakistan: Pakistani mills are cautious and are waiting for the market direction. The ongoing weak currency, dull finished steel demand, ahead of the Muharram holiday, and the increased power tariff have created uncertainty. Hence, steel producers have opted for wait-and-watch strategy for favourable prices.

Bangladesh: Bangladeshi steel producers, too, observed slow transactions on low demand today due to heavy rainfall in many regions. Furthermore, transactions for bulk are likely to appear next week, as buyers look for favourable prices.

Turkiye: Turkish deep-sea import scrap prices are stagnant as no change in offers heard for the day. In a recently heard deal, a Northern Europe seller has sold HMS (80:20) scrap at $354.5/t CFR Turkiye and a US-origin HMS (80:20) sold to an Aegean-based steel mill at $355/t on CFR, for August shipments. Another East Marmara-based mill booked US-origin cargo with HMS (80:20) at $354.5/t CFR Turkiye.

Recent deals:

Around 1,000 t of US-origin shredded scrap were booked at $401/t CFR West Coast India.

Price assessments

• India: UK-origin shredded scrap offers stand at $405/t CFR Nhava Sheva, inching down d-o-d.
  
  
• Pakistan: UK-origin shredded scrap offers were at $410/t CFR Qasim, slightly up.
  
  
• Bangladesh: Offers for UK-origin shredded scrap were at $425/t CFR Chattogram, unchanged d-o-d.
  
  
• Turkiye: US-origin HMS 1&2 (80:20) prices stood at $355/t CFR Turkiye, unmoved d-o-d.