South Asia’s imported scrap prices under pressure; soft Indian steel market weighs on demand

• Cash flow crunch limits trading activity in Pakistan
• EU tariffs, weak local demand curb Turkish purchases

South Asia imported scrap markets remained under pressure, with limited demand and cautious buying. Activity was muted across India, Pakistan, and Bangladesh, while Turkiye saw weak local sentiment amid tight supply and geopolitical concerns.

India: The Indian scrap market remains under pressure, Sentiment continues to be buyer-driven, with limited activity in deep-sea scrap trade. Reported offers include HMS from Yemen to Mundra at $320-322/t.

Price levels for imported material varied across origins: UK-origin HMS (2-3% impurities) at $324-325/t CFR Mundra (additional $5-6 for Chennai) with buyers at $320-325/t for Chennai; UK-origin HMS (3-4% impurities) at $320-321/t CFR Mundra saw no buyers; Australia/New Zealand shredded at $350-355/t CFR Chennai, with buyers at $345; HK PNS at $365-366/t CFR Chennai; and Malaysia busheling at $370-372/t CFR Chennai, with buyers at $365.

Pakistan: The Pakistan scrap market remained largely quiet, reflecting a cash flow crunch and limited trading activity. Imported shredded scrap was assessed at $363-364/t, while domestic scrap moved at PKR 135,000-138,000/t ($474-488/t).

Bangladesh: Imported scrap prices in Bangladesh were reported at $350-360/t CFR Chattogram for HMS 80:20 and 90:10 from Brazil and Chile. Japan’s October 2025 Kanto scrap export tender saw a sharp m-o-m rise of JPY 2,346/t ($15/t), with a 20,000-t H2 lot awarded to a Chattogram-based mill at JPY 44,316/t ($290/t) FAS Japan.

Turkiye: Deep-sea import scrap prices rose d-o-d, supported by firm ocean freight rates tightening seller margins. US- and Baltic-origin HMS 80:20 traded at $348-354/t CFR, with most deals around $351/t, while US sellers aimed for $360/t, though mills were cautious amid unconfirmed trade chatter.

Turkish market sentiment remained weak, with domestic sales challenging. Some participants noted that Ukraine’s exemption from EU steel import tariffs could create export opportunities for finished products.

Price assessments

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

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

Bangladesh: UK-origin shredded prices fell by $1/t d-o-d to $369/t CFR Chattogram.

Turkiye: US-origin HMS 80:20 bulk prices were $351/t CFR Turkiye, up by $2/t d-o-d.