South Asia: Imported scrap markets remain subdued as India weakens, Bangladesh cautious

• India: Weak demand, buyers inactive, prices largely stable
• Bangladesh: Firm offers, buyers cautious, trading remains subdued

South Asia scrap markets remained subdued as of 15 April, with weak buying in India, mixed signals in Pakistan, cautious Bangladesh amid price gaps, and stable Turkiye, where tight supply supported prices but limited mill demand kept activity muted.

India: Imported containerised shredded scrap prices remained largely unchanged on 14 April, as uncertainty surrounding the Middle East conflict kept buyers on the sidelines. HMS offers were heard at $385-390/t, with no availability below $385/t, while shredded scrap was indicated at $400-405/t. Offer levels varied slightly by origin and loading period, with Africa-origin HMS at $387-393/t and UK/Europe offers around $380-383/t.

Market activity remained slightly slow, with stable scrap and semi-finished steel prices and limited buying interest. However, firm cost support from higher freight and a recent 35% increase in minimum wages continued to underpin sentiment, with participants expecting any downside to be short-lived despite cautious trading conditions.

Pakistan: Imported scrap markets softened slightly, with South America-origin HMS offers heard at $380/t Pakistan. Meanwhile, UK origin shredded scrap was indicated around $425/t CFR Qasim and brake discs near $420/t, reflecting mixed price signals across regions.

Bangladesh: Imported scrap prices into Bangladesh remained largely stable on 15 April, with a deal reported for 1,000 t Australia-origin PNS at $400/t CFR Chattogram. Offer levels were heard at $400-405/t for HMS and $420/t for shredded from Australia, while New Zealand/Australia HMS 1 was at $394-395/t and Singapore/Malaysia PNS at $430-440/t.

Market activity remained subdued, with buyers targeting lower levels at $390-395/t for HMS and around $410/t for shredded. Despite firm offers, customers stayed largely silent, while sellers quoted Australia/HK-origin PNS at ~$425/t and shredded at $410-415/t, reflecting a cautious and inactive market sentiment.

Turkiye: Deep-sea scrap prices remained stable to slightly firm on 15 April, supported by tighter supply from the US and EU, along with a stronger euro and firm freight rates, which kept offers limited. However, market activity remained muted, with few sellers and limited firm bids from mills, as participants expect buying interest to pick up toward month-end for May shipment requirements.