South Asia: Scrap markets mixed with firm offers and selective buying

• Turkiye scrap supported by the firm US, Baltic offers
• Pakistan scrap market stable, prices unchanged

Imported scrap markets across India, Pakistan, Bangladesh, and Turkiye showed mixed trends on 20 January, with firmer offers in South Asia and cautious buying. Bangladesh remained range-bound, India saw marginal improvement, and Pakistan stayed largely stable, while Turkiye reported selective deals from Europe and the Baltics alongside firmer offers from US-origin suppliers.

India: Imported scrap demand in India showed a slight improvement, supported by firmer offers across key origins. Australian-origin HMS 80:20 was indicated at $330-335/tonne (t) CFR, shredded at $350-355/t, and PNS at $355-360/t. A New Zealand HMS 90:10 cargo was sold at $340/t CFR Chennai.

PNS offers from Malaysia and Hong Kong were heard near $360/t CFR, while some selective EU-origin shredded offers touched $365-370/t. Overall offers have firmed to $360/t and above, though West Coast India bids remain around $350-352/t. Buying interest has improved marginally on better sentiment and expectations of a March-April construction pickup, but underlying demand remains quiet, with price strength largely driven by higher finished steel prices.

Pakistan: The imported scrap market in Pakistan was assessed at around $375/t, while domestic steel prices remained largely stable. Local billet prices were heard in the range of PKR 185,000-188,000/t ($662-672/t), with rebar trading at PKR 220,000-225,000/t ($787-805/t). Domestic scrap values were indicated at PKR 130,000-132,000/t ($465-472/t), while bala scrap was quoted at around PKR 180,000-182,000/t ($464-651/t).

Bangladesh: Bangladesh’s scrap imports remained firm, with Australian-origin prices indicating upward momentum. HMS 80:20 was assessed at $345-350/t CFR, with offers heard as high as $355/t. HMS 90:10 was quoted at around $355-360/t, while shredded scrap was indicated at $365-370/t. PNS continued to command a premium, trading in the range of $370-375/t CFR, reflecting relatively stronger buying interest for higher-grade material.

Turkiye: Deep-sea import scrap prices into Turkiye are finding support as interest in US West Coast cargoes grows. However, February delivery delays have kept mills cautious, with prompt European cargoes still preferred for near-term requirements.

Recent deals include Finland selling HMS 80:20 to Turkiye at around $373/t CFR for roughly 25,000 t. Offers from Belgium and the Netherlands were heard near $375/t, though competitiveness at that level remains uncertain given the Finnish sale. US-origin material is currently offered at around $378-380/t CFR, with workable deal levels expected closer to $375-376/t.