South Asia: Imported scrap market sentiment remains mixed d-o-d

• Middle East tensions continue to disrupt trade flows
• Pakistani prices firm up amid precautionary purchases

South Asian imported scrap markets remained mixed d-o-d on 10 March, with sentiment uncertain in India, improving in Bangladesh, and firm in Pakistan amid precautionary buying. Meanwhile, Turkish deep-sea scrap prices held stable as mills adopted a cautious purchasing approach.

India: Imported scrap sentiment in India remained uncertain as tensions in the Middle East continued to disrupt trade flows and freight movement. Market indications showed HMS (80:20) at $360-365/t CFR, while HMS 1 was heard at $370-372/t. Shredded scrap was indicated around $385/t, with PNS at $390/t and busheling near $400/t CFR.

From Australia, HMS (80:20) was heard at $360-362/t CFR, while HMS 1 was indicated at $365-370/t. Tradeable levels for Australian HMS 1 were reported around $358-360/t CFR Chennai and about $365/t CFR Mundra. Shredded scrap was heard at $382-385/t, while PNS was indicated at $390-395/t CFR.

Bangladesh: Imported scrap sentiment in Bangladesh showed some improvement, with indicative price levels heard higher in the market. HMS (80:20) is currently heard around $370/t, while HMS 1 is indicated at $380-382/t. Shredded scrap was heard at $390-395/t, PNS around $400/t, and busheling near $410/t. However, trading activity remained limited as buyers stayed cautious due to freight volatility.

Pakistan: Imported scrap prices in Pakistan firmed up d-o-d, supported by steady buying interest from mills. Shredded scrap prices were heard around $405-410/t CFR, with a few deals reportedly concluded at similar levels yesterday.

Buying activity has strengthened over the past few days as mills are securing cargoes as a precaution amid the ongoing Middle East crisis and regional disruptions. Market participants also noted that construction activity remains relatively active during Ramadan, prompting mills to maintain production.

Turkiye: Deep-sea imported scrap prices in Turkiye remained stable d-o-d on 10 March. Workable levels for US-origin HMS 80:20 were heard around $370-375/t CFR, as mills maintained a cautious buying approach amid the ongoing Middle East conflict. Freight costs have been rising, which could lend some support to prices in the near term.