South Asian imported scrap markets remain subdued; India rupee hits record low, curbing buying

• Pakistan: Import demand weak; mills buy only at discounts
• Turkiye: Scrap prices ease as rebar demand softens

South Asian imported scrap markets remained subdued on 16 December amid weak downstream demand, currency pressures, and cautious buying, while Turkiye saw further price softening as falling rebar prices and seasonal slowdown kept mills hesitant despite limited scrap availability.

India: Imported scrap demand in India remained subdued amid persistently weak buying interest, as the rupee slid to record lows near 91 against the US dollar, sharply raising import costs. With year-end holidays approaching and demand staying poor, sentiment remained dim. Shredded scrap hovered around $346/t CFR Nhava Sheva, while EU-origin HMS 80:20 stood at $315-318/t CFR.

Pakistan: The imported scrap market remained very slow on 16 December, with trading sentiment quiet and lacking momentum, as weak domestic demand and margin pressure curbed buying interest despite firmer international prices. Mills stayed cautious, targeting only lower workable levels amid uncertain downstream activity, though limited UK/EU-origin scrap deals were reported around $358/t CFR Qasim.

Bangladesh: Bangladesh’s imported scrap market remained subdued, weighed down by weak downstream steel demand and cautious buyer sentiment. Australian-origin prices were assessed at $330-332/t CFR for HMS 80:20, $335-338/t for HMS 1, $358-360/t for shredded, and $364-365/t for PNS, with buyers staying selective and trading volumes limited.

Turkiye: Deep-sea scrap import prices declined further on 16 December, pressured by falling rebar prices, weak downstream demand, and seasonal slowdown. Mills remained hesitant to book cargoes, with bids for US-origin HMS 80:20 reported around $365/t CFR against offers near $370/t CFR.

Despite limited cargo availability lending some support, sentiment stayed cautious as mills resisted higher levels, citing poor rebar sales. Market participants noted that high collection costs and the approaching holiday season could limit further downside.