South Asia: Imported ferrous scrap markets remain muted, Turkish prices edge higher on tight supply

• India sees muted trade as offers stay above mills’ bids
• Pakistan’s demand slows as mills resist higher prices

South Asia’s imported scrap markets stayed subdued across India, Pakistan, and Bangladesh amid weak steel demand and liquidity constraints, while Turkiye’s deep-sea tags edged higher on tighter supply and steady restocking interest.

India: India’s imported ferrous scrap market remained quiet, with limited buying interest as offers stayed unviable for mills. Shredded was offered at around $355/t CFR, while HMS 80:20-90:10 stood at $325-330/t CFR against bids of $310-315/t, keeping trading thin amid weak margins and sluggish demand. European PNS offers were heard at $355-360/t CFR Nhava Sheva and Mundra, but buyers maintained bids at $348-350/t.

Pakistan: The imported scrap market remained slow, with buyers resisting higher offers amid weak steel demand. European shredded was workable at around $355/t CFR, while HMS stood at $330-335/t. Canadian shredded offers were reported at $360-365/t, supported by firm deep-sea sentiment. UAE-origin HMS was offered at $335-340/t CNF Qasim and HMS sheared at $345/t CNF. Meanwhile, the domestic market in the UAE faced oversupply in some regions, weighing on export sentiment.

Bangladesh: The imported scrap market stayed subdued as mills remained cautious amid weak steel demand and liquidity constraints. Australian and New Zealand shredded were offered at $365-370/t CFR Chattogram, but buyers kept bids below $360/t due to slow consumption and weak import economics.

Turkiye: The deep-sea imported scrap market edged higher d-o-d, with mills showing steady restocking interest and sellers targeting firmer prices amid tightening supply. The upward move was supported by reduced inflows from the US and Baltic regions as winter approaches, limiting availability and prompting suppliers to stay on the sidelines.

Market participants noted that HMS 80:20 from the US and Baltic was tradable at $350-355/t CFR, with traders expecting slight gains above $355/t before potential corrections if mills resist higher offers.

Price assessments (d-o-d)

• India: UK-origin shredded prices were stable to $351/t CFR Nhava Sheva, compare to last closing day (friday).
• Pakistan: UK-origin shredded prices remains stable to $356/t CFR Qasim, compare to last closing day.
• Bangladesh: UK-origin shredded prices rise by $1/t to $365/t CFR compare to last closing day (friday).
• Turkiye: US-origin HMS 80:20 bulk prices were at $351/t CFR Turkiye, up by $2/t compare to last closing day.