South Asia: Imported scrap demand remains patchy across key markets

• India, Pakistan, Bangladesh see muted or selective scrap buying
• Turkiye prices firm as tight supply drives deep-sea demand

South Asia’s imported scrap markets stayed muted on 16 January, with India and Bangladesh showing weak buying and Pakistan selectively targeting workable shredded scrap prices, while Turkiye remained the outlier as tight supply and limited offers continued to push deep-sea scrap values higher.

India: Imported scrap demand in India, however, stayed subdued as buyers limited purchases to workable levels. Australian HMS 80:20 was assessed at $325-330/t CFR, while UK-origin shredded was offered at $355-358/t CFR. Although HMS 80:20 indications hovered near $330/t CFR, buyer interest remained weak, resulting in muted market activity.

Imported scrap offer levels moved higher, with shippers indicating HMS 2 percent from Ireland, Poland, Brazil, and New Zealand at around $340/t, up $10/t. HMS 1 percent from Brazil and New Zealand was heard at $350/t, also up $10/t, while PNS 1 % from the UK, Ireland, and Poland was quoted at $365/t, reflecting a $5/t increase. Offers varied slightly by port and ICD, but seller sentiment remained firm.

Pakistan: The imported scrap market in Pakistan remained highly selective, with buyers targeting only grades available at workable price levels. Shredded scrap of UK/EU origin continued to edge upward, with indications heard at $365/t, $368/t, and reaching as high as $372/t CFR Qasim, signalling a steady firming trend for higher-quality material.

Bangladesh: The imported scrap market in Bangladesh remained quiet, with buyers showing limited interest even as domestic finished steel prices moved higher. Import offers from Australia were heard at $330-335/t for HMS 80:20, $335-342/t for HMS 1, $355-360/t for shredded, and $365-370/t for PNS CFR Bangladesh, but overall trading activity stayed subdued amid cautious sentiment.

Turkiye: Deep-sea import scrap prices continued to rise on 16 Jan as seasonal supply tightness and fresh deal activity kept sentiment firm. Offers from both US and European sellers remained limited, reinforcing the upward pressure on prices. Market participants noted US-origin HMS 80:20 being heard around $376/t CFR, underscoring the continued firmness in imported scrap sentiment.