South Asia: Imported scrap market remains slow; rupee depreciation keeps Indian importers cautious

• Slow rebar demand weighs on demand from Bangladesh
• Turkish prices hold firm amid strong demand from mills

South Asia’s imported scrap markets remained subdued on 5 December, with muted demand continuing. India was cautious due to a depreciating rupee, Pakistan was quiet amid reduced mill operating rates, and Bangladesh faced slow rebar sales. However, Turkiye recorded firm prices, supported by strong mill demand and tight supply.

India: Imported scrap activity in India remained muted, with only a slight improvement in buying inquiries despite a tight window for winter restocking before Western suppliers close for the holidays. Importers remained cautious, especially as the rupee crossed the 90 mark, its weakest in two decades. EU HMS (80:20) was assessed at $315-320/t, HMS 1 at $322-325/t, shredded at $336-342/t, and PNS at $340-345/t, while offers for EU shredded stood at $350-352/t CFR.

Pakistan: Imported scrap prices held steady d-o-d due to firm offers, as the local market remained cash-constrained and sluggish. Furnaces operated at reduced capacity, and slow raw material intake amid weak downstream demand continued to restrain aggressive winter restocking. EU shredded was assessed at $356-358/t CFR, while UAE HMS 80:20 was at around $338-340/t.

Bangladesh: Imported scrap demand in Bangladesh remained subdued, as containerised offers were largely unworkable for buyers. Slow rebar sales further kept market activity muted despite a range of available grades. Offers included the following: Brazil HMS at $330/t CFR, Malaysia Holo bundles at $325/t CFR, Philippines GI bundles at $305-310/t CFR (though sellers paused fresh sales), Singapore PNS at $370/t CFR, Australia HMS at $345/t CFR, and Hong Kong PNS at $365/t CFR.

Turkiye: Deep-sea scrap prices were stable d-o-d, supported by firm rebar values and active local mill buying. Demand was strong, as earlier ‘just-in-time’ inventory practices had left mills short ahead of early January shipments. However, sellers remained cautious, with a stronger euro pressuring European scrap collectors. EU-origin HMS 80:20 was assessed at $362/t CFR, with the same US-origin grade at $367-369/t CFR. With demand continuing to be robust, scrap prices have room to gain further.