- India: Buying cautious amid weak demand and currency pressure
- Pakistan: Market quiet with limited mill participation
South Asia’s imported scrap market remained on low trend on 28 January, with India, Pakistan, and Bangladesh showing cautious buying amid weak domestic sentiment and currency pressures. Activity stayed limited, while Turkiye’s sentiment stayed firm due to tight US–EU supply and rising freight.
Region-wise highlights
India: Imported scrap demand in India stayed weak as the rupee’s depreciation against the US dollar and sluggish finished steel sales kept buyers cautious. HMS 80:20 indications continued to show a regional gap, hovering near 350 CFR Mundra and 335 CFR Chennai. Canada/US shredded was offered at 366-368 CFR Nhava Sheva, EU/German busheling at 375-380 against buyer interest at 365-370, and EU HMS 80:20 at 340-345 against bids of 330-335. Mundra retained relatively firmer demand compared with Chennai, but overall buying remained subdued as mills resisted higher offers and awaited clearer domestic cues.
Pakistan: Imported scrap market held around the 380 CFR level, with overall activity remaining subdued as buyers stayed cautious. Offers continued to hover near 380 CFR, supported by limited supply and muted buying interest. Market sentiment has been largely directionless, with several mills remaining inactive for the past 2-3 weeks while monitoring India’s sentiment for clearer cues. Reported deal levels stayed within a narrow range of 375-382 CFR, reflecting a market still searching for firm direction.
Shredded offers remained mixed: UK/EU suppliers indicated around 380 CFR, UAE suppliers signaled 395-plus levels, and a shredded parcel of Bahrain origin was heard close to 390-plus. Overall, the market remains steady but cautious, with buyers selectively engaging and awaiting clearer regional signals.
Bangladesh: Imported ferrous scrap from Oceania into Bangladesh remained quiet d-o-d, as buyers resisted higher offers and focused strictly on workable levels amid weak domestic sentiment. Australia-origin material continued to trade within familiar bands, with HMS 80:20 discussed at 345-350, HMS 1 at 355-360, shredded at 365-370, and PNS at 370-375 CFR Chattogram, reflecting a market still cautious and unwilling to move higher without stronger demand cues.
Turkiye: Imported scrap prices in Turkiye held stable on Jan 28, with US-origin HMS 80:20 steady as sellers stayed firm amid tight supply from the US and Europe. Weather issues in the US limited availability, while a stronger euro kept European offers elevated. US yards were in no rush to sell due to strong domestic demand, and shortsea suppliers focused on local markets. Rising freight added support, keeping downside limited.
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