South Asia: Key imported scrap markets remain subdued; Turkiye stable, Bangladesh active

• India and Pakistan quiet, rains dampen scrap demand
• Bangladeshi buyers turn active, Turkiye’s central bank cuts rate

South Asia’s imported scrap markets remained subdued, with India and Pakistan quiet due to rains, Bangladesh active amid dollar pressure, and Turkiye stable but cautious after a central bank rate cut.

India: The imported scrap market remained quiet, with bids for containerized shredded scrap at $350-355/t CFR Nhava Sheva against offers of $365-370/t. Africa HMS saw 25 t hand-loaded offered at $350/t for 500 t trade while Australian shredded traded at $364-366/t, with buyers seeking $360/t.

Pakistan: Scrap market continued to struggle, with heavy rains dampening trading activity and keeping overall sentiment subdued. In Qasim, imported shredded scrap saw little action, with offers from other regions at $372-375/t CFR and bids at $366-368/t.

Bangladesh: The imported scrap market remained active, although overall trading is slow as domestic usage rises and many buyers prefer pellets and sponge. Dollar fluctuations are adding pressure.

Deals included Australian shredded at $375 CFR Chattogram, AB bundles from Hong Kong at $350 CFR, and Hong Kong shredded at $372 CFR. A 15,000 t H1:H2 cargo at $345/t was unviable. US HMS 80:20 offered at $355/t CFR, bids $348-350/t; Malaysian busheling at $390/t.

Turkiye: US and Baltic-origin HMS 80:20 was tradable at $340-345/t CFR, while EU-origin stood at $332-340/t CFR. The market remained stable but quiet, with participants awaiting fresh deals to guide direction.

US sellers remained absent, focusing on domestic demand, while other exporters were hesitant. Concerns over currency fluctuations, rising freight, and limited collection persisted. Despite weak steel demand, participants expect improvement, supported by the central bank’s rate cut to 40.5%.

Price assessments

India: UK-origin shredded prices rise by $1/t d-o-d to $364/t CFR Nhava Sheva.

Pakistan: UK-origin shredded indicatives prices rise by $1/t d-o-d at $372/t CFR Qasim.

Bangladesh: UK-origin shredded prices rise by $1/t d-o-d to $373/t CFR Chattogram.

Turkiye: US-origin HMS (80:20) bulk scrap prices remain stable d-o-d at $342/t CFR Turkiye.