South Asia: Imported scrap prices remain under pressure

• Turkish prices hold firm amid quiet market conditions
• Pakistan remains muted amid cash flow crunch, strikes

South Asia’s imported scrap markets remained subdued, with India, Pakistan, and Bangladesh facing cautious buyer sentiment, limited deep-sea activity, cash flow constraints, and weak demand. These exerted pressure on prices, though overall, they remained stable d-o-d. Meanwhile, Turkiye saw stable but quiet trading.

India: The Indian imported scrap market remained under pressure, with limited deep-sea activity and sentiment largely driven by cautious buyers.

CFR offers at Mundra/Nhava Sheva were recorded as follows: shredded at $352-355/t, busheling $366-370/t, HMS 80:20 $325-326/t, and HMS 90:10 $335/t. CFR Chennai offers were PNS at $360-362/t and NTP at $360-365/t. These were material originating from Europe, Australia, Malaysia, Singapore, and other SEA regions. Buyers are negotiating at least $5/t below offered levels.

Pakistan: The Pakistani market remained subdued, with some deals concluded at $360-362/t for UK/EU shredded and $380/t for UAE-origin material. Local scrap was traded at PKR 135,000-138,000/t ($477-487/t), while activity in Punjab stayed very slow. Overall trading remained muted, reflecting cautious buyer sentiment.

The market was under pressure, with weak finished steel sales, cash flow issues, and recent strike-related logistical challenges dampening demand. Limited fresh arrivals and regional uncertainties continued to keep buyers and sellers cautious.

Bangladesh: Imported ferrous scrap in Bangladesh was at $350-360/t CFR Chattogram for HMS 80:20 and 90:10 sourced from Brazil and Chile. Domestic scrap was traded between BDT 45,000-48,000/t, equivalent to roughly $370/t.

Turkiye: Turkish imported deep-sea scrap prices remained largely stable d-o-d, with US/Baltic-origin HMS 80:20 heard at $345-352/t. Market activity was quiet as mills adopted a cautious approach at the start of the week.

Despite limited trading, prices showed slight upward pressure, supported by high ocean freights that challenged sellers. Weak downstream demand and selective buying kept participants largely on the sidelines.

Price assessments

India: UK-origin shredded prices fell by $1/t d-o-d to $354/t CFR Nhava Sheva.

Pakistan: UK-origin shredded prices declined by $1/t d-o-d to $362/t CFR Qasim.

Bangladesh: UK-origin shredded prices stood at $367/t CFR, fell by $2/t d-o-d.

Turkiye: US-origin HMS 80:20 bulk prices were $350/t CFR Turkiye, stable d-o-d.