en.Wedoany.com Reported - On May 14, the South Asian imported scrap market continued to perform sluggishly overall, affected by factors such as weak steel demand, cautious purchasing activity, currency pressures, and LC restrictions. Meanwhile, the Turkish deep-sea scrap market remained firm due to steady offers from EU sources, although steel mill margins are being squeezed.
In the Indian market, imported containerized shredded scrap prices edged up slightly on the day, in line with higher offers in Pakistan, but market sentiment remained weaker day-on-day. Participants noted that buying interest in India has noticeably diminished compared to other countries, with buyer bids for 80:20 heavy melting scrap concentrated around $350/tonne CFR, while supplier indicative levels were around $370/tonne CFR. Strengthening domestic scrap markets in the US continued to limit export feasibility, while the unfavorable USD/INR exchange rate further dampened new orders. In terms of specific deals, Venezuela-origin HMS 1 was reported at $375/tonne CFR Mundra, European-origin 80:20 at $375/tonne CFR, US-origin shredded at $378/tonne CFR, UK-origin shredded at $415/tonne CFR, and African-origin scrap at $335/tonne CFR.
The Pakistani imported scrap market remained slow day-on-day, with importers staying cautious ahead of the Eid al-Adha holidays and mostly postponing new bookings. Containerized shredded scrap offers were heard around $430/tonne CFR Port Qasim, with buyer bids near $420/tonne CFR. Additionally, approximately 1,000 tonnes of Malaysian-origin scrap was reportedly concluded at $445/tonne CFR Port Qasim.
The Bangladeshi imported scrap market was similarly weak day-on-day, with UK-origin shredded scrap offered at $415-416/tonne CFR, Hong Kong-origin HMS 1 and PNS scrap offered in the range of $410-425/tonne CFR, and Australian-origin shredded scrap offered at $415-420/tonne CFR.
The Turkish deep-sea imported scrap market remained firm day-on-day, with new offers for EU-origin 80:20 heavy melting scrap from UK recyclers near $405/tonne CFR, and Dutch-origin offers close to $408/tonne CFR. Stable raw material costs and limited supply continued to support scrap prices; however, Turkish mills remained cautious as falling finished steel prices and sluggish downstream demand continued to squeeze margins. Despite bullish sentiment among recyclers, mills found it difficult to accept higher prices. It was also reported that Kardemir has completed a tender for 85,000 tonnes of billet at $530-540/tonne ex-works.
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