South Asia: Imported scrap markets remain stable despite softness in Turkiye

• India sees improved buying as rupee strengthens further
• Scrap sentiment in Bangladesh stays steady amid tight local supply

South Asia’s imported scrap market stayed mixed on 5 February, with India seeing improved buying on rupee gains, Pakistan steady ahead of Ramadan, and Bangladesh largely unchanged amid tight local supply, while Turkiye softened slightly on lower deals but remained supported by firm US and EU domestic markets.

Region-wise highlights

India: Imported scrap buying interest in India improved as the rupee strengthened, keeping mills in an active purchasing mood despite overall stable sentiment . UK-origin shredded was offered around $368-370/t, while HMS 80:20 hovered near $340/t, though buyer bids were reported lower.

Australia-to-Chennai offers remained steady, with HMS 80:20 at $340-345/t, HMS 1 at $350-355/t, shredded at $365-370/t, and PNS at $375-380/t. A recent Australian HMS deal for 21-22 t loading was concluded at $342-343/t, while fresh quotes have risen slightly to $345-350/t for HMS 80:20 and $365-370/t for shredded CFR Chennai.

Pakistan: Imported shredded scrap sentiment in Pakistan remained steady, with UK/EU offers quoted above $385/t CFR and UAE shredded heard near $400/t, while HMS 80:20 hovered around $375/t. Demand picked up slightly as local buyers rushed to complete work ahead of Ramadan beginning on 17 February, a period when business activity typically slows.

Bangladesh: Imported ferrous scrap prices in Bangladesh remained largely unchanged, with PNS from Malaysia/Singapore still offered around $380/t CFR Chattogram and HMS 90:10 quoted near $370/t. Local scrap stayed firm at BDT 49,000-50,000/t ($401-409/t), reflecting limited availability and steady interest ahead of elections.

Australia-to-Bangladesh offers held stable as well, with HMS 80:20 at $345-350/t and HMS 1 at $355-360/t. Tight domestic supply and pre-election positioning supported a mild improvement in buying sentiment, though overall activity remained measured.

Turkiye: Deep-sea import scrap prices softened on 5 February as new deals emerged at lower levels. Market direction remained unclear, with mills facing tight rebar margins and sellers dealing with firm freight rates and slow collection due to winter conditions. US sellers continued to target $380-385/t CFR and EU suppliers hovered around $375-377/t, but limited demand kept trade levels muted as mills resisted higher pricing amid sluggish downstream activity.