South Asia: Imported scrap markets remain subdued, activity yet to revive in first week of new year

• Turkiye deep-sea scrap steady, sentiment cautiously firm
• India scrap market quiet, prices largely stable

South Asia scrap markets remained largely subdued amid holiday-led disruptions and muted buying interest across India, Pakistan, and Bangladesh, while Turkiye’s deep-sea market began the year quietly, with prices steady and cautious optimism emerging for January.

India: Imported containerised scrap market remained quiet, as holiday-related disruptions curtailed buying interest. Shredded scrap prices from the EU and UK were indicated at around $355/t CFR Mundra/Nhava Sheva, while HMS 80:20 was heard at $330-340/t CFR at the same ports.

German-origin busheling was quoted at $365-375/t CFR Mundra, and Brazilian HMS 80:20/90:10 was discussed in the $335-345/t CFR Mundra range. Market participants expect some positive movement ahead, supported by improved steel demand over the past couple of weeks and firmer buying interest from project-related segments in India.

Pakistan:Imported scrap trading in Pakistan stayed muted, with buyers showing limited appetite for fresh purchases. Price indications included UK- and UAE-origin shredded scrap at around $365-370/t CFR Qasim and close to $370/t CFR, while UAE-origin sheared HMS was heard trading near $345 per tonne CFR.

Bangladesh: Imported scrap conditions in Bangladesh remained weak, with buying activity continuing to lag. Australian-origin PNS and busheling were indicated in the $365-370/t CFR Chattogram range, while shredded scrap was heard around the $360/t level. Meanwhile, indicative offers for HMS 80:20 were assessed at approximately $325-330/t CFR Bangladesh.

Turkiye: Deep-sea imported scrap market opened the year on a quiet note on 5 January, with prices largely unchanged as most participants remained away due to year-end holidays. Trading activity was minimal, and buyers stayed on the sidelines, keeping the market effectively on pause in the first week of the new year in Turkiye.

Market sentiment, however, showed mild optimism, with some sources indicating that prices could inch upward in January amid seasonal supply tightness and bullish recycler expectations. Recent indications included European-origin HMS 80:20 booked at around $363-366/t CFR and US-origin HMS at $370-375/t CFR, suggesting a firm undertone despite the slow start.