Demand in India remained muted due to the monsoon season, and trading activity in Pakistan continues to remain high.
Fastmarkets calculated its weekly steel scrap, shredded, index, import, cfr Port Qasim, Pakistan at $525.57 per tonne on Friday, down by $13.43 from $539 per tonne one week previous.
Over the weekend, prices on the market fell, with deals heard at $515-530 per tonne throughout the week to August 27, compared with a deal level of $540 per tonne on Friday August 20.
Shredded offers moved down during the week to $515-530 per tonne, and mills were heard bidding at $515-520 per tonne. Sellers, however, were not generally willing to accept these levels.
Buyers were reportedly making attempts to limit purchases and hold back bids to test lower prices on the market.
A weaker international market also weighed on pricing decisions, despite rebar producers in Pakistan reportedly raising prices.
Fastmarkets daily calculation for Steel scrap HMS 1&2 (80:20 mix) North Europe origin, cfr Turkey was $444.46 per tonne on August 27, with prices falling continuously from $464.37 per tonne since August 2.
Offers and deals were heard for Dubai origin HMS 1 and HMS 1&2 (90:10) at $500-505 per tonne cfr this week, down from $515-520 per tonne the previous week.
Fastmarkets’ calculation of the steel scrap, shredded, index, import, cfr Nhava Sheva, India was $512.64 per tonne on Friday August 27, compared with $516.46 per tonne on August 24, and $520.32 per tonne one week earlier.
A deal was heard at $510 per tonne toward the end of the week to August 27, and another deal was reported at $515 per tonne earlier in the week, down from $520 per tonne the week previous.
Offers have been reported at $500-520 per tonne cfr, and bids have been heard at $500 per tonne cfr.
“There is not much buying as local scrap is quite cheap. Many are totally out the market, and buyers are not booking – no one is interested,” a seller said.
The monsoon season in the country has kept scrap requirements and long steel demand to a minimum due to the slowdown in the construction sector. Market participants said they were expecting activity to pick up from September onwards, however.
Fastmarkets’ weekly price assessment for steel scrap, HMS 1&2 (80:20 mix), import, cfr Nhava Sheva, India was $440-460 per tonne on August 27, down by $10 per tonne over the week from $450-470 per tonne.
Prices for shredded steel scrap into Pakistan and India have decreased in the week to Friday August 27, sources told Fastmarkets.