South Asia: Imported scrap sellers favour Pakistan, Bangladesh over India

• Pakistan scrap offers rise amid UAE supply disruptions
• Indian buying remains weak as bid-offer disparities persist

South Asian imported scrap markets remained mixed on 22 October, with sellers favouring Pakistan and Bangladesh over India amid stronger demand and firmer offers. Indian buying was subdued amid a wide bid-offer gap, while Pakistan prices rose following UAE supply disruptions, and Bangladesh prices were supported by higher freight costs. Turkiye remained stable as improved mill bidding interest was offset by weak rebar demand.

India: India’s imported containerised scrap market remained stable d-o-d, with UK-origin shredded scrap offers at $400-405/t CFR Nhava Sheva against indicative bids of $390-395/t. UK-origin HMS 80:20 offers stood at $360-365/t, while bids were lower at $355-360/t. Buying interest remained subdued, with market participants noting stronger sales opportunities in Pakistan and Bangladesh amid limited Indian demand.

Pakistan: Imported ferrous scrap prices strengthened following disruptions to UAE supplies after a Pakistan-bound vessel carrying an estimated 30,000 t of scrap sank last week. UK/EU-origin shredded scrap offers rose to $420-422/t CFR Qasim from $409-412/t last week, while a UK-origin loaded shredded cargo was reportedly sold at $425/t CFR Qasim on Saturday. Tightening availability prompted buyers to seek replacement cargoes and sellers to adopt firmer pricing positions.

Bangladesh: Domestic scrap prices were quoted at BDT 55,000-57,000/t ($445-461/t). Japanese-origin H2 offers stood at $405-410/t CFR Chattogram, while rising freight rates from Japan to $90-100/t for 15,000-20,000 t cargoes increased procurement costs.

European-origin containerised shredded scrap was offered at $410/t CFR Chattogram, while HMS 80:20 stood at $378/t. Malaysian bundle mix was quoted at $345-350/t, and busheling offers were reported at $415/t CFR Chattogram.

Turkiye: Deep-sea imported scrap prices in Turkiye remained stable d-o-d on 22 October, with market participants reporting improved mill buying interest and several bids emerging. Turkish mills were heard bidding $395/t CFR for US- and Baltic-origin HMS 80:20, while tradable values for US and premium-origin material ranged from $392-400/t CFR.

However, weak downstream demand and subdued rebar sales continued to weigh on market sentiment. Mills were reportedly reducing crude steel production amid dull finished steel sales, limiting their willingness to pay higher scrap prices. Firm freight costs provided some support, preventing sellers from making significant price concessions.