South Asia: Scrap prices remain flat in India, soften in Pakistan on muted demand

• India: Offers steady; selective Southeast Asia bookings
• Pakistan: Shredded softens amid Ramadan slowdown

Imported scrap markets in South Asia remained mixed on 16 February, with Indian markets largely stable on selective bookings, and Pakistan markets softening ahead of Ramadan. Bangladesh markets remained subdued amid political uncertainty, while Turkish deep-sea prices easing slightly on weak rebar demand despite limited Western supply availability.

Region-wise highlights

India: Imported scrap offers into India remained largely steady, with UK-origin shredded hovering around $365-370/t CFR Mundra/Nhava Sheva and HMS 80:20 indicated at $345-350/t CFR. European-origin busheling was heard higher at $380-385/t, though overall trading activity remained limited, with only selective bookings reported, particularly from the Southeast Asian market.

On the deals front, Malaysia concluded 500 t of HMS bundle at $330/t CFR Chennai, 500 t of HMS 80:20 at $340/t CFR Chennai, and 200 t of borings at $310/t CFR Chennai. Despite these transactions, broader market participation stayed thin, reflecting cautious mill procurement.

Pakistan: Imported shredded scrap prices in Pakistan softened amid weak buying appetite, with UAE-origin shredded indicated at $385-390/t CFR and UK/EU material around $380/t CFR. Mills largely stayed away from fresh bookings ahead of Ramadan, set to begin Wednesday or Thursday, keeping sentiment subdued.

Bangladesh: Imported ferrous scrap prices in Bangladesh remained largely stable, with UK/EU-origin shredded indicated around $370/t CFR Chattogram and HMS near $350/t. Trading activity stayed subdued amid continuing political uncertainty, despite the conclusion of the national election on 13 February.

Turkiye: Deep-sea import scrap prices edged lower on 13 February, pressured by weak downstream rebar demand and subdued mill buying interest. Trading activity remained limited, though market sources reported a US-origin HMS 80:20 cargo booked by an Iskenderun-based mill at $375/t CFR earlier in the week, pending confirmation at market close.

Price indications showed US-origin HMS 80:20 at $375/t CFR and UK-origin material at $372/t CFR. While near-term sentiment softened on demand concerns, some participants expect prices to find support amid ongoing supply tightness in the US market and limited availability from US and EU sellers.