South Asia imported scrap markets remain elevated; India and Turkiye firm on September

• India: African cargoes supported firm scrap market sentiment
• Turkiye: Domestic scrap prices strengthened despite stable imports

Imported scrap markets remained elevated on 7 September, with India supported by competitive African cargoes, Bangladesh firm on seller offers, while Pakistan stayed subdued and Turkiye stabilised after recent price gains.

India: India’s imported containerised scrap prices remain in the higher side on 7 September, supported by fresh buying interest and competitive African-origin cargoes. A Brazil-origin HMS 80:20 cargo was booked at $365/t CFR Chennai, while HMS 80:20 from West Africa was secured at around $370/t. A Market participant heighlited Offers for UK shredded were around $410-415/t and UK HMS around $390/t, while South African material was offered at $390/t but bids remain low.

However, higher-priced US/UK HMS 1 offers around $385/t remained unworkable as domestic scrap availability stayed comfortable, with healthy Mandi arrivals and ample local supply. Freight and insurance costs continued to favour African origins over US shipments, supporting buyer preference for shorter and more competitive supply routes.

Pakistan: Imported scrap market remained subdued, with UK-origin HMS offered around $350/t CFR India, while a UK-origin busheling bundle was heard booked at $425/t CNF Pakistan. Malaysian offers were not heard, although buyers were reportedly negotiating for Philippines-origin material. Meanwhile, PSIC-related issues have disrupted shipments, with some suppliers halting loadings until there is greater clarity on the requirements.

Bangladesh: Imported scrap market continued to trade at elevated levels, with UK-origin shredded scrap offers at $410-412/t CFR and HMS 80:20 at $370-375/t. However, subdued Indian demand encouraged sellers to redirect their focus towards other regional markets.

Turkiye: Deep-sea imported scrap market remained stable d-o-d on September 7 after recent price increases pushed levels higher. Market participants turned cautious at elevated prices, while the market assessed whether further gains could be sustained.

Domestic scrap prices continued to strengthen on 7 September, supported by higher rebar prices, Turkish lira depreciation and increased mill purchase prices. Kardemir also raised DKP scrap purchases by TRY 200/t ($4/t) to TRY 18,100/t ($374/t), providing further support to domestic scrap values.