- Indian buyers resist higher offers amid freight uncertainty
- Prices in Pakistan rise while Turkish trade remains muted
South Asia’s imported scrap sentiment stayed cautious to mildly firm on 6 March as tensions in the Middle East and freight volatility influenced trade. India remained price-sensitive, Bangladesh showed stronger buying interest, Pakistan saw higher offers, while trading in Turkiye stayed limited amid rising freights and geopolitical uncertainty.
India: Imported scrap sentiment in India remained cautious d-o-d as buyers resisted higher offer levels despite firmer indications from exporters. Australian-origin HMS 80:20 was heard around $355/t, shredded at $372-375/t, while UK-origin HMS was earlier quoted at $348-350/t with workable levels near $350-352/t under normal conditions. Market participants noted that Indian buyers are unlikely to pay above $350-355/t for HMS and around $365/t for shredded, keeping trading limited as demand from Kandla remained weak and mills adopted a wait-and-watch approach.
Bangladesh: Imported scrap sentiment in Bangladesh strengthened as suppliers continued to direct cargoes from Australia and New Zealand toward the market. HMS 80:20 was heard around $360/t CFR, while HMS 1 was indicated near $370/t. Shredded offers were reported at $375-380/t, and PNS at $380-385/t.
Pakistan: Imported scrap market remained on the higher side d-o-d as rising freight costs and Middle East tensions supported offers. Current shredded indications moved up to around $405/t, with limited offers heard at $390-395/t as suppliers remained cautious. However, fresh trades at these higher levels were yet to be confirmed. In the domestic market, local scrap was heard around PKR 135,000/t ($483/t), rebar near PKR 225,000/t ($805/t) and billet around PKR 194,000/t ($694/t).
Turkiye: The last imported scrap deal into Turkiye was concluded for US West Coast-origin cargo before the joint US-Israel attack on Iran, after which market activity slowed significantly. Scrap suppliers are attempting to resist lower mill bids, though rising oil prices and freight volatility could influence the next direction. Meanwhile, EU sellers continue to face high freight costs, though a weaker euro may help partially offset the additional shipping expenses. Current workable level for good-quality HMS 80:20 US origin was heard around $370-375/t CFR.
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