South Asia: Imported scrap markets remain weak; Indian buyers stay on sidelines

• Weak rupee, poor steel demand limit Indian demand 
• Turkish prices remain stable amid lean mill margins

South Asian imported scrap markets remained subdued on 15 May across India, Pakistan, and Bangladesh amid weak steel demand, cautious buying activity, and currency-related pressures. Meanwhile, Turkiye’s deep-sea scrap market stayed largely steady despite squeezed mill margins and sluggish downstream demand.

India: India’s imported containerised shredded scrap prices remained steady on 15 May amid sluggish demand, with no fresh deals concluded recently as buyers largely stayed away from the market due to weak import competitiveness. Market participants noted that offers were available, but buying interest remained extremely limited with the INR nearing 96 against the dollar.

The latest offers were heard at around $385/t CFR for shredded scrap and $365/t CFR for HMS; however, no firm buying interest was reported at these levels. Buyers indicated workable levels under current market conditions at around $375-380/t CFR for shredded scrap and $350-355/t CFR for HMS. Europe-origin HMS 80:20 offers were largely heard at $370/t CFR, while Europe-origin shredded scrap was reported around $390-395/t CFR.

Pakistan: The imported scrap market remained slow d-o-d as importers continued adopting a cautious buying approach amid weak market sentiment. Containerised shredded scrap offers were heard at around $420-425/t CFR Port Qasim, while bids were heard near $415/t CFR. Meanwhile, local scrap prices were largely heard at PKR 152,000-156,000/t ($546-560/t).

Bangladesh: Imported scrap market remained slow d-o-d, with UK-origin shredded scrap offers reported at $415-416/t CFR, while Hong Kong-origin HMS 1 and PNS offers were heard at $410-425/t CFR. Meanwhile, domestic rebar prices in Chattogram were largely heard around BDT 92,000-93,000/t ($750-758/t).

Turkiye: The deep-sea imported scrap market remained slow d-o-d on 14 May, with imported scrap prices largely steady around $413/t CFR as mills continued resisting higher offer levels amid squeezed margins, elevated input costs, and sluggish rebar demand. Meanwhile, HMS 80:20 offers from the Baltic origin to West Marmara were heard at around $405/t CFR. Market participants also noted that several buyers were increasingly preferring billet purchases from Turkish mills due to financing advantages, particularly as Russian and Chinese billet offers continued to rise.