South Asia: Imported scrap prices remain rangebound; Turkish buyers cautious

• Turkiye: Steel prices flat, tight margins cap mill appetite
• India: Imported scrap prices stable, select buyers active 

South Asian scrap markets remained largely stable as of 23 February, with India and Pakistan witnessing cautious buying and limited volumes, while in Bangladesh sentiment improved post-election. Turkish prices stayed range-bound amid weak steel demand and tight margins, keeping overall regional trade subdued.

India: Imported busheling scrap activity in India remained limited d-o-d, with UK and Malaysia-origin cargoes largely moving only to Odisha-based plants and select Ludhiana-based alloy makers. A market participant indicated that “buying interest outside these regions remains thin”. Uncoated busheling was heard at $390-395/t CFR, coated at $380-385/t, and CR/HR/GI trimmings around $385/t. Malaysia-origin busheling offers stood at $380-385/t, while non-coated material was quoted near $390/t CFR Chennai/Vizag. Even NTP deals were heard struggling at $370/t, raising questions over the viability of shredded at similar levels.

UK-origin shredded was reported sold at $370/t CFR Chennai for 1,000 t. Sources noted that sellers may quote $375-380/t, but India’s shredded market remains small and demand constrained. Chennai continued to receive relatively higher volumes compared with Nhava Sheva and Mundra.

Bangladesh: Bangladesh’s imported scrap sentiment improved post-election, with Australia-origin HMS 80:20 heard at $360/t+ and shredded at $380-382/t CFR, while buyer bids remained lower at $372-375/t.

Pakistan: Imported shredded scrap prices in Pakistan remained stable, with UK/EU-origin material heard around $380/t CFR and UAE-origin shredded at $390/t, while UAE HMS 80:20 was indicated near $360/t. Market participants noted that UK-origin supply has tightened following Unimetal’s exit, as volumes previously procured by the company are now moving to larger bulk buyers, reducing availability for traders. Sentiment was largely steady, though some expect shredded prices to edge up slightly in March.

Turkiye: Deep-sea imported scrap prices remained stable on 23 February, with US-origin HMS 80:20 at $375/t CFR. Limited bookings and tight scrap-to-rebar margins kept mills cautious, while subdued rebar demand continued to cap upside, with some participants flagging potential softening if weakness persists.