South Asia: Imported ferrous scrap market sees mixed trends

• Indian market stable, buyers monitoring safeguard duty impact
• Pakistan, Bangladesh markets slow down amid Ramadan lull

South Asia’s imported scrap market saw mixed trends, with buyers largely cautious amid global uncertainties and regional disruptions. India remained stable, tracking Turkish sentiment, while Pakistan’s market struggled with liquidity constraints and weak demand. In Bangladesh, Ramadan-driven sluggishness persisted, with buyers favouring nearshore suppliers over UK/Europe-origin scrap.

Meanwhile, Turkiye’s scrap prices held firm despite mills stepping back from fresh purchases ahead of Eid. Rising freight costs, currency volatility, and global supply shifts continued to shape market dynamics across the region, with buyers closely monitoring future price movements.

Overview

India: India’s imported scrap market remained stable as buyers stayed on the sidelines, with sellers firm on offers, following Turkish scrap sentiment. Containerised shredded scrap was assessed at $380-385/t CFR Nhava Sheva, unchanged d-o-d. Deals were heard at $385/t CFR at the beginning of last week, while sellers indicated offers at $385-390/t CFR, expecting a price rise. HMS 80:20 from the UK/Europe and West Africa was assessed at $355-365/t CFR, while buyers were at around $355/t CFR. Domestic sentiment remained steady, with buyers monitoring the impact of the safeguard duty.

Pakistan: Pakistan’s imported scrap market remained sluggish due to liquidity issues, weak steel demand, and ample local scrap availability. Rising freight costs and currency volatility added uncertainty, while Turkiye’s market trends influenced sentiment. Mills operated at reduced capacity during Ramadan and the upcoming Eid, traditionally a low-activity period. UK/EU-origin shredded was offered at $385-390/t CFR Qasim, but buyers resisted beyond $385-388/t.

Bangladesh: Bangladesh’s imported scrap market remained sluggish as Ramadan-driven inactivity persisted, with buyers resisting high offers. Demand for UK/Europe-origin material was weak, with preference shifting to nearshore suppliers like Australia, Hong Kong, and Singapore. Australian shredded was offered at $380-385/t CFR Chattogram, while HMS 90:10 stood at $365-367/t CFR.

Turkiye: Turkish imported scrap prices remained rangebound as mills stepped back from fresh purchases after an active period of deals. Offers for US-origin bulk HMS (80:20) were heard at $381/t CFR, unchanged d-o-d. A total of 13-15 deepsea cargoes were concluded between 11-21 March, including EU, Baltic, and Venezuelan-origin shipments. However, buying activity is expected to slow down ahead of the Eid holidays, with mills pausing procurement. Sellers stayed firm, offering US/Baltic-origin scrap at $385-390/t CFR, while EU-origin was at $380-385/t CFR. Meanwhile, Benelux dock collection costs remained bullish, reinforcing sellers’ confidence despite the market cooling.

Price assessments

India: UK-origin shredded indicatives were assessed at $385/t CFR Nhava Sheva, unchanged compared to last close on Friday.

Pakistan: UK-origin shredded indicatives stood at $389/t CFR Qasim, up by $1/t compared to last close on Friday.

Bangladesh: UK-origin shredded indicatives remained unchanged at $390/t CFR Chattogram compared to last close on Friday.

Turkiye: US-origin HMS (80:20) bulk scrap prices were assessed at $381/t CFR Turkiye, unchanged compared to last close on Friday.