South Asia: Imported ferrous scrap markets remain weak amid tepid steel demand

• Limited scrap supply in Pakistan may spur near-term recovery
• Bangladeshi mills inactive, next bookings likely for Feb shipments

South Asia’s imported scrap markets remained weak amid poor steel demand and thin liquidity, while the Turkish market held firm with steady deep-sea offers and expectations of a near-term price rise.

India: India’s imported ferrous scrap market remained weak, as mills stayed cautious amid subdued steel demand and ample domestic supply. Shredded offers stood at $352-356/t and HMS 80:20 at $330/t CFR Chennai, while workable levels were lower at $345/t and $328-332/t, respectively.

Pakistan: Limited trade and subdued finished steel demand kept Pakistani market sentiment low. Despite sluggish activity, scrap availability was tight, and participants expressed hope for a near-term recovery.

Mill capacity utilisation hovered around 35-40% with no major improvement heard. EU-origin shredded was heard at $355-356/t CFR, while UAE shredded stood at $364/t, UAE HMS at $340/t, and HMS-PNS mix at $350-355/t CFR Qasim.

Bangladesh: Bangladeshi mills were largely inactive, and any potential bookings are expected to occur for February shipment or later. Offers were heard at $360-365/t CFR for Australian shredded, $345-350/t CFR for HMS 90:10, and $330-335/t CFR for HMS 80:20. Malaysia-origin busheling was quoted at $365-370/t CFR, while Hong Kong-origin PNS stood at $364-368/t CFR.

Turkiye: Deep-sea imported scrap prices were stable, with steady sentiment and expectations of a near-term uptick amid unconfirmed recent deals. Spot market activity improved, with mills seeking late-December cargoes. However, sellers faced resistance as mills hesitated to accept higher offers amid concerns over rebar price stability.

US-origin HMS 80:20 offers were heard at $360/t CFR, though buyers were reluctant to pay above $355/t amid uncertainty over sustained domestic steel demand and rebar market direction.

Price assessments

India: UK-origin shredded prices rose by $1/t d-o-d to $351/t CFR Nhava Sheva.

Pakistan: UK-origin shredded prices remained stable d-o-d at $355/t CFR Qasim.

Bangladesh: UK-origin shredded prices edged down by $1/t d-o-d to $364/t CFR.

Turkiye: US-origin HMS 80:20 bulk prices were at $356/t CFR Turkiye, stable d-o-d.