South Asia: Demand weakens in India while Pakistan, Bangladesh markets remain mixed

South Asian imported scrap markets stayed subdued on 24 Nov, with weak demand, cautious buying, and wide bid-offer gaps limiting trade. Meanwhile, Turkish prices recorded slight gains supported by selective deep-sea deal activity.

India: Imported scrap markets in India remained subdued, with buyers shifting strongly toward cheaper domestic sponge, scrap, and Hot Briquetted Iron (HBI), sidelining imported materials. Heavy Melting Steel (HMS) 80:20 offers stood at $330/t CFR West Coast India, and HMS 90:10 at between $340-345/t from Brazil and Central America, while shredded scrap was heard at $355/t CFR against bids near $345/t. Plate and Structural (PNS) steel offers held at $360/t with bids at between $350-355/t CFR Nhava Sheva/Mundra.

Market participants noted that imported scrap prices for the week ended 21 Nov were no longer viable on Monday, pointing to weak sales of finished steel products, and a falling USD which added to uncertainty. Indicative prices included HMS hand-loaded at $330/t, Brazil 4% HMS at $318-320/t, and PNS plus blue steel at $350-355/t, but trade interest is expected to remain thin until demand improves.

Pakistan: Imported scrap markets in Pakistan remained steady, with mixed sentiment after a UK-origin shredded cargo was concluded at $357/t CFR Qasim. Offers held at between $360-362/t, while bids stayed capped at between $355-356/t, keeping negotiations tight and limiting new bookings.

Bangladesh: Imported scrap markets in Bangladesh stayed mixed on Friday, 21 Nov, with another Argentina-origin PNS cargo under negotiation near $355/t due to lower-grade concerns. Suppliers held offers firm, while buyers resisted amid weak demand and sufficient inventories. Market activity included a 9,000-ton Singapore/Malaysia PNS cargo concluded at $367/t CFR Chattogram, and another supplier from Singapore sold the same grade at $363/t CFR Chattogram.

Turkiye: Imported ferrous scrap prices in Turkiye edged higher on Monday, supported by improved deal activity late week. A US-origin HMS 80:20 cargo was booked at $361/t CFR and seen as repeatable. However, liquidity stayed thin amid limited US supply, and mills delaying major bookings until the January shipment.

Domestic rebar offers rose on improved demand, but trading slowed. Buyers resisted higher scrap amid uncertainty over rebar sustainability and shipment timing, keeping procurement selective.