South Asia: Imported scrap markets witness stable trends

• India, Pakistan witness firm pricing sentiment 
• Bangladesh, Turkiye markets steady yet cautious amid tight supply

South Asia’s imported scrap markets stayed steady but cautious, with prices in India and Pakistan firming on selective buying. Bangladesh saw prices remaining unchanged amid tight domestic supply, while Turkiye remained quiet on weak rebar demand and limited deep-sea offers.

Region-wise highlights

India: India’s imported scrap market remained stable, with UK shredded heard at $375/t CFR despite slow buying keeping shredded values slightly lower. Car bales from New Zealand and Australia were sold at $218/t CFR Chennai in two 500-t deals. UAE shredded stayed firm at $395/t, while traders also reported selling 1,500 t of HMS 80:20 from the Caribbean at $308/t CFR Thailand.

Australian offers into India held stable, with HMS 80:20 at $345-348/t, HMS 1 at $355-360/t, shredded at $365-370/t and PNS at $375-380/t. Current workable HMS 80:20 levels for NZ/Australia are at $350-355/t CFR Chennai and $355-360/t CFR Mundra, reflecting steady but cautious buying interest.

Pakistan: Pakistan’s imported shredded scrap prices remained firm, supported by positive demand and selective pre-Ramadan buying. Market participants reported UK shredded sold at $383/t CFR Port Qasim last weekend (for 500 t), with current levels still heard at $383-385/t. Overall, activity is steady, but buyers remain selective as Ramadan approaches.

Bangladesh: Imported ferrous scrap prices in Bangladesh remained largely unchanged, with UK/EU shredded at $370/t CFR Chattogram and HMS around $350/t. Australian offers were also stable, with HMS 80:20 at $360/t, HMS 1 at $365-370/t, shredded at $375-380/t, and PNS at $380-385/t. With domestic supply tightening and buyers closely watching the upcoming elections, overall sentiment stayed stable but cautious.

Turkiye: Imported deep-sea scrap sentiment in Turkiye stayed stable, with quiet activity and tight margins for both buyers and sellers. US offers remained limited due to harsh winter weather, keeping targets below $380/t CFR, while mills resisted higher levels amid weak rebar demand, holding EU-origin HMS 80:20 tradable around $368-372/t CFR. With the week only just beginning, participants expect prices to remain firm but note that most UK/EU material is already committed, limiting near-term availability.