South Asia: Imported scrap markets remain subdued; India slows down ahead of Diwali

• Turkish scrap prices ease, margins remain tight for sellers
• Pakistan scrap market slow, mills cautious about purchases

South Asia’s imported scrap markets remained subdued, with limited buying amid weak steel demand, tight liquidity, and cautious mills; prices steady in India, Pakistan, Bangladesh, while Turkiye saw slight easing.

India: Indian imported containerised shredded prices steady d-o-d, as trading was quiet ahead of Diwali and the festival season, Imported scrap prices to India (Mundra) were reported at $355/t for shredded, $325/t for HMS 80:20, $335/t for HMS 90:10, $365/t for PNS, and $365-370/t for busheling. CFR Kandla prices stood at $355-360/t for shredded and $340-345/t for HMS grades. Market activity remained subdued.

Pakistan: The imported scrap market stayed quiet this week, weighed down by weak demand, tight cash flows, and slow finished steel sales. Mills remained cautious, focusing on liquidity management amid high input costs, with UK/EU-origin shredded scrap heard trading at $360-362/t CFR Port Qasim.

Bangladesh: The imported ferrous scrap market remained subdued, with limited buying activity amid persistent rains and weak finished steel demand. PNS last week closed at $372-374/t CFR Chattogram, with a total of 15,000 t imported from Malaysia and Singapore in containers from various shippers. Australian shredded scrap closed at $368/t, totaling around 2,000 t.

Turkiye: Turkish deep-sea imported scrap prices steady, pressured by weak downstream demand. Market participants noted tight margins for sellers despite firm dry bulk freight rates, keeping the near-term pricing outlook mixed.

Some participants expect freight rates to ease in November and December, while Europe-based buyers remained cautious amid a stronger euro and rising collection costs. Tradable levels for US/Baltic-origin or premium HMS 80:20 were reported at $350-353/t, with mills citing weakening rebar sales as a factor limiting scrap price support.

Price assessments

India: UK-origin shredded prices remains stable d-o-d to $352/t CFR Nhava Sheva.

Pakistan: UK-origin shredded prices fell by $1/t d-o-d to $360/t CFR Qasim.

Bangladesh: UK-origin shredded prices stood at $369/t CFR, stable d-o-d.

Turkiye: US-origin HMS 80:20 bulk prices were at $354/t CFR Turkiye, stable d-o-d.