South Asia: Imported scrap markets remain stable but prices soften in Pakistan

• Indian market remains stable amid selective demand 
• Bangladeshi buyers stay quiet while Turkiye maintains stability 

South Asia’s imported scrap markets showed mixed trends in mid-February, with India remaining stable, Pakistan witnessing a softening amid cautious buying ahead of Ramadan, Bangladesh remaining subdued pre-elections, and Turkish deep-sea prices staying stable as mills delay purchases despite March cargo requirements.

Region-wise highlights

India: Imported scrap offers into India were largely steady, though selective transactions reflected firmer workable levels. South American HMS 1 was indicated at $356-360/t CFR West Coast India and HMS at $345-350/t, while US-origin shredded was heard near $380/t (offer level). UK-origin shredded hovered around $370/t CFR.

In terms of bookings, Middle East-origin HMS 80:20 was sold at $370/t CFR Mundra, while Brazilian LMS was concluded at $330/t CFR Mundra.

Pakistan: Imported shredded scrap prices in Pakistan moved in a softer direction ahead of 17 February, with sentiment turning cautious as buyer resistance increased. Current offers for UK/EU-origin shredded are heard at $380-382/t CFR Qasim, while buyers are bidding lower at $377-378/t, reflecting widening negotiation gaps and growing pressure on sellers.

Although Pakistan’s recent power tariff cut of PKR 4.40 per unit, roughly 13-14%, has eased some cost pressure for local mills, market participants expect further softness. With Ramadan approaching and construction activity likely to slow, shredded scrap levels around $380/t CFR could face downward correction over the next two weeks amid restrained procurement.

Bangladesh: Imported ferrous scrap prices in Bangladesh were largely stable, with UK/EU-origin shredded indicated around $370/t CFR Chattogram and HMS near $350/t, while Malaysian HMS bundle offers were heard at $355/t. Trading activity remained subdued ahead of the upcoming elections, as buyers stayed cautious and refrained from placing significant fresh bookings.

Turkiye: Turkish deep-sea import scrap prices remained largely stable on 13 February, with US-origin HMS 80:20 indicated at $375-376/t CFR as buying activity stayed muted. Although mills are understood to require additional March-shipment cargoes, limited rebar demand kept them hesitant, leaving overall sentiment steady but inactive, with a potential return to the market likely to test $380/t CFR.