South Asian imported scrap markets remain subdued; Bangladeshi buyers resist higher offers

• Bangladesh imports slow as local scrap stays cheaper
• Turkish prices rise, but slow rebar demand limits upside

South Asian scrap markets remained slow on 29 April, with weak demand and cautious buying across India, Pakistan, and Bangladesh limiting import activity despite stable to firm offers. Meanwhile, Turkiye saw a slight price hike, supported by tighter supply, though weak steel demand capped gains.

India: The imported scrap market remained stable after recent price increases, though buying interest stayed weak amid sluggish downstream demand. HMS offers were heard at $380-385/t, while shredded scrap ranged at $410-420/t from the UK and Africa. Containerised shredded prices remained flat as buyers resisted higher bids.

Other offers included Europe-origin NTP bales at $400/t, NZ/Australia shredded at $405-410/t, Hong Kong 2% bales at $365/t, and Malaysia 5% at $346/t. UK-origin HMS 80:20 (3% impurities) was heard at $380/t and African-origin at $390/t. Despite tight scrap availability, weak demand conditions continued to limit aggressive buying activity.

Pakistan: The imported scrap market remained largely quiet, with buyers inactive despite available offers. No major deals were heard. UK/EU-origin shredded scrap was initially offered at around $425/t CFR Port Qasim, with NTP at similar levels, while weak demand and cautious sentiment –amid a tight monetary policy stance–continued to limit trading activity. Offers edged up to $425-430/t CFR for shredded scrap, indicating supplier pressure, but buying interest remained subdued.

Bangladesh: Imported scrap prices in Bangladesh remained largely stable, with buyers resisting higher offers amid ongoing fuel cost pressures. HMS 80:20 (Australia origin) was bid at $397/t and offered at $400/t CFR, while busheling offers were heard at $425/t CFR. UK-origin HMS 80:20 was offered at around $400/t CFR Chattogram, with indications at $390-395/t, and shredded scrap was heard at $415-420/t.

Turkiye: Deep-sea imported scrap prices showed a slight d-o-d rise on 28 April, with US-origin HMS 80:20 climbing up to $410-415/t CFR, supported by stronger offers and mills gradually accepting higher price levels amid tighter scrap availability. However, gains remained limited as weak rebar demand and subdued export activity continued to weigh on sentiment, keeping buyers cautious despite expectations of further price increases.