South Asia – Indian scrap prices slip further on muted demand

• India: bids lower amid weak demand
• Turkiye: Deep-sea prices firm; rebar strength supports gains

South Asian imported scrap markets stayed cautious, with Indian markets easing due to weaker demand on 21 Nov. Pakistan’s markets stayed steady on tight offers, while Bangladesh markets remained mixed on slow buying. Meanwhile markets in Turkiye strengthened on higher rebar prices and firm freight.

India: Imported scrap markets in India softened, with shredded scrap reportedly booked at $355/t CFR Nhava Sheva (including 180-day usance) last week, while buying interest stayed lower at between $345-348/t.

Shredded scrap and PNS offers held at between $355-360/t CFR Nhava Sheva/Mundra, but bids slipped to between $340-345/t amid weak demand.

In the south, buyers capped bids at $320/t CFR Chennai for HMS (24-25 t loading) from Africa.

Pakistan: Imported scrap market in Pakistan held steady, with sentiment mixed after a shredded deal was heard done at $357/t CFR Qasim from the UK yesterday.

Offers stayed firm at between $360-362/t, while buyers capped bids at between $355-356/t, keeping negotiations tight and limiting fresh bookings. Current assessments for shredded scrap from Europe and the UK remain around $355/t CFR Qasim.

Bangladesh: The imported scrap market in Bangladesh remained mixed on Friday, with another Argentina-origin PNS cargo under negotiation around $355/t due to lower grade concerns. Suppliers held firm on offers, but buyers resisted higher bids amid comfortable inventories and weak demand. Rebar prices softened this week to BDT 72,000-73,000/t ($589-597/t) exw Dhaka and BDT 76,000-77,000/t ($622-630/t) exw Chattogram.

Turkiye: Deep-sea scrap prices moved higher d-o-d as stronger domestic rebar prices improved buying sentiment. Firm Atlantic freight and elevated collection costs kept offers for premium HMS 80:20 above $360/t CFR, while mills delayed fresh bookings until late November after securing several US-origin December cargoes. Market participants expect further price gains, supported by robust rebar offers currently around $550-580/t.