South Asia: Imported scrap markets remain under pressure; India import weakens

• Turkiye: Firm prices, cautious mills, buying remains selective
• Pakistan: Stable deals, cautious buyers, market remains range-bound

South Asia scrap markets remained under pressure as of 21 April, with weak demand in India, range-bound Pakistan, steady Bangladesh buying, and firm Turkiye prices, as higher freight supported offers but cautious mills limited fresh trade activity.

India: Imported scrap market remained under pressure, with a wide bid-offer gap limiting fresh deals. UK-origin shredded was offered at $400/t CFR Nhava Sheva, while workable bids were heard at $380-385/t, with some buyers indicating a maximum of $390/t, still considered unviable. HMS offers were around $375/t, PNS at $385/t, and shredded near $390/t, reflecting weak buying sentiment.

Some deals were reported, including Europe-origin MS turnings (1,000 t) at $348/t CFR Chennai, New Zealand HMS (1,000 t) at $390/t, and UK-origin bluesteel (500 t) at $420/t CFR Nhava Sheva. However, a weaker rupee continued to impact import viability, increasing landed costs and keeping buyers cautious despite available offers.

Pakistan: The imported scrap market in Pakistan remained soft to stable, with UK/EU-origin shredded largely workable around $420/t CFR Qasim. Multiple deals were reported between $420-424/t for 1,000 t cargoes, while busheling was indicated near $415/t. Despite these transactions, buying sentiment remained cautious, keeping the market range-bound.

Bangladesh: Imported scrap prices into Bangladesh remained largely stable, with PNS offers indicated at $430-440/t CFR. A transaction was reported for Australia-origin HMS 80:20 at $390/t CFR Chattogram, reflecting steady buying interest.

Turkiye: Deep-sea scrap prices continued to edge higher on 21 April, supported by fresh deal activity at elevated levels, with tradable values for US-origin HMS 80:20 heard at $401-406/t CFR. Firm freight rates remained a key driver, tightening seller positions and supporting higher offer levels.

However, market sentiment stayed cautious as mills resisted further price increases amid weak downstream demand. Export rebar activity remained subdued, with bids at $575-580/t FOB, limiting mills’ ability to absorb higher scrap costs and keeping buying interest selective.