South Asia: Imported ferrous scrap markets witness downtrend; Indian buyers stay quiet

• Turkiye's scrap prices soften, mills may restock soon
  
  
• Indian buyers remain cautious amid ample local supplies
  
  

The South Asian imported scrap market remained subdued as Indian buyers exercised caution amid sufficient local supply and weak finished steel demand. Limited trades were reported, with Bangladesh seeing some activity in Singapore-origin PNS at $382-385/t CFR. In Turkiye, deep-sea scrap prices softened slightly, with US-origin HMS (80:20) assessed at $357/t CFR, down $2/t d-o-d.

India: Indian buyers remained inactive in the imported scrap market due to ample local supply and weak finished steel demand. Offers from the UK, Europe, and West Africa saw limited interest, while the supply of high-quality scrap remains tight. UK-origin shredded was heard at $380-385/t CFR, with bids at $375/t CFR Mundra/Nhava Sheva. HMS (80:20) from EU offers stood at $350-355/t CFR, but bids were lower at $345/t CFR.

A market participant noted that the "limited availability of high-quality scrap is increasing demand for superior grades, while UK and US premium scrap yards are keeping their price expectations $10-20/t above market levels."

Another market participant said that with weak finished demand, and the secondary mills struggling to run at full capacity due to financial constraints, several steel mills reported reduced output, reflecting economic pressure.

Pakistan: Pakistan's imported scrap market remained quiet as buyers paused activity for the week. A market participant noted that offers for shredded scrap were around $380/t CFR for several clients, but purchasing interest dried up.

With buyers stepping back, the market sentiment remains cautious, reflecting subdued demand and a wait-and-see approach being adopted by the mills.

Bangladesh: Bangladesh's imported scrap market remained stable, with containerized scrap offers holding steady. Market activity was limited as buyers remained cautious due to sufficient local supply.

A market participant noted that some containerized trades occurred, particularly for Singapore-origin PNS, with deals concluded in the $382-385/t CFR levels. However, overall buying interest was subdued, and mills continued to assess short-term demand before committing to larger purchases.

Offers for containers:

• Europe HMS 80:20: $366-370/t CFR
  
  
• Europe Shredded: $385-388/t CFR
  
  
• Hong Kong PNS: $390/t CFR
  
  
• Singapore PNS: $385-390/t CFR
  
  
• Malaysia Busheling: $395-405/t CFR
  
  
• Australia HMS 80:20: $360-365/t CFR
  
  
• Australia Shredded: $375-378/t CFR
  
  

Turkiye: Turkish deep-sea import ferrous scrap prices edged down slightly as US sellers remained firm and inactive, while workable levels from the EU and Baltic regions softened. Market participants reported that US recyclers struggled to stay competitive, with seller targets holding firm at a minimum of $360/t CFR for US-origin HMS (80:20).

Indicative tradable values were heard at $355-360/t CFR for US/Baltic-origin HMS (80:20), while EU-origin HMS (80:20) remained mostly within the $350-352/t CFR range. An EU recycler noted a standoff between buyers and sellers, suggesting that if market activity remained slow, EU-origin prices could drop further to $351/t CFR.

A Turkish mill source indicated that mills would soon need to restock and demand was gradually picking up, with expectations of increased Turkish purchases for March-loading cargoes.

Price assessments

India: UK-origin shredded indicatives edged down by $1/t d-o-d to $374/t CFR Nhava Sheva.

Pakistan: UK-origin shredded indicatives were up by $1/t d-o-d at $386/t CFR Qasim.

Bangladesh: UK-origin shredded was edged down by $3/t d-o-d at $384/t CFR Chattogram.

Turkiye: US-origin HMS (80:20) bulk scrap prices were assessed at $357/t CFR Turkiye, down by $2/t d-o-d.