- Pakistan: Quiet market with limited winter-season buying
- Bangladesh: Subdued demand but price indications moving higher
South Asia saw steady yet cautious imported scrap demand on 28 Nov, with India firming slightly, Pakistan quiet, and Bangladesh subdued but edging higher, while Turkiye remained stable amid mixed sentiment and limited near-term rebar clarity.
India: Imported ferrous scrap demand in India stayed steady, with active sales reported into Nhava Sheva, Mundra, and Chennai. Buyers maintained that HMS is not trading at $330-340/t despite some suppliers still targeting those levels. PNS looked workable at 340-345/t, sitting $10-15/t below the usual range, and actual trade feedback indicated firmer pricing than broader market talk. UK HMS offers hovered around $330/t CFR, shredded near $355/t, and busheling close to $361/t CFR at western ports.
Market indicators from recent activity placed Brazil HMS in the $325-340/t CFR range depending on loading conditions, with turning scrap around $302/t CFR. Shredded from New Zealand and Brazil was heard at $347-352/t CFR, while busheling bundles were indicated near $357/t CFR, supported by steady domestic inquiries and firm offer levels.
Pakistan: Imported scrap market held stable, but trading stayed subdued with mills anticipating reduced utilisation as winter sets in. Shredded scrap from Europe and the UK was assessed at $355/t CFR Qasim, while UAE-origin HMS maintained a trading range of $335-340/t CFR.
Bangladesh: Imported scrap markets in Bangladesh stayed subdued as mills continued to struggle with weak downstream demand and liquidity constraints, yet price indications kept moving upward. Bulk offers into Chattogram have now crossed $365/t CFR, reflecting firmer sentiment in the market despite restrained buying interest.
Turkiye: Deep-sea scrap prices steady, with EU-origin HMS 80:20 indicated at $356-358/t CFR and US-origin at $362-364/t CFR. Mills have likely booked seven to eight January cargoes and may buy more ahead of the holiday-related supplier slowdown. Market sentiment was mixed. Sellers stayed optimistic due to tight availability, while buyers remained cautious and expected prices to move sideways amid ongoing uncertainty in rebar demand.
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