South Asia: Imported scrap markets remain stable amid weak demand

• Scrap prices stable in India, limited inquiries heard
• Turkiye sees slight price rise, mills remain cautious

South Asia imported scrap markets remained largely subdued this week, with India and Bangladesh seeing stable activity, Pakistan staying quiet amid cash constraints, and Turkiye showing slight price rise amid cautious buying.

India: The Indian scrap market is expected to remain under the weather, constrained by rain and a strong dollar. CFR Chennai offers are reported at $350-355/t for shredded (Australia), $340/t for HMS 90:10 (Australia), $330/t for HMS 80:20 (Australia), and $365-370/t for busheling (Malaysia), with noticeable price disparities.

Bulk offers are higher than target prices of Indian mills, at $355-360/t for shredded and $345-350/t for HMS, but limited inquiries from buyers in west and south India have softened the market. Container CFR Nhava Sheva prices remained steady at $350-355/t for shredded and $320-325/t for HMS 80:20.

Pakistan: The imported scrap market saw some activity today, but Pakistan remained largely quiet due to cash flow constraints. Despite Turkiye’s rise last week, the market did not follow the trend, with the rebar sector remaining stable amid weak demand and slower money flow.

HMS scrap saw no buying interest, while shredded scrap was worked at $362-365/t, Credit sales have extended from 30-60 days to around 90 days, reflecting tight liquidity.

Bangladesh: The imported scrap market in Bangladesh remained largely stable, with muted trade due to limited mill buying amid weak demand. Offers for HMS 80:20 and 90:10 from Brazil and Chile were reported at $350-360/t CFR Chattogram.

Turkiye: Deep-sea import scrap prices saw a slight rise d-o-d, with participants noting largely stable levels amid limited deal activity. US and Baltic-origin HMS 80:20 was heard at $347-350/t CFR, with US offers at $350-355/t CFR, supported by concerns over rising ocean freight. Market sentiment is restrained, as steel mills remain cautious due to new European tariffs on steel products.

Price assessments

India: UK-origin shredded prices remians stable d-o-d to $355/t CFR Nhava Sheva.

Pakistan: UK-origin shredded prices remians stable d-o-d to $365/t CFR Qasim.

Bangladesh: UK-origin shredded prices remians stable d-o-d to $370/t CFR Chattogram.

Turkiye: US-origin HMS 80:20 bulk prices were at $349/t CFR Turkiye, up by $1/t d-o-d.