South Asia: Imported ferrous scrap trade remains slow; India pauses for Dussehra holidays

• Turkiye scrap prices held steady amid high freight costs and cautious buying.
• Pakistan scrap offers surged following UAE supply disruptions.

South Asian imported scrap markets remained mixed on 19 October, with Indian trading subdued by festive holidays and weak steel demand. Pakistani offers surged following UAE supply disruptions, while Bangladesh buying stayed cautious and Turkish prices remained stable amid high freight costs.

India: Imported containerised shredded scrap prices remained under pressure on 19 October, with deals heard at $395/t CFR Nhava Sheva, against offers of $405-410/t CFR and indicative bids of $380-385/t CFR. Trading activity remained subdued amid limited import demand, weaker finished-steel sales ahead of Diwali and market closures during Dussehra-related holidays, keeping buyers and sellers largely on hold, a trader said.

Pakistan: Imported ferrous scrap market in Pakistan strengthened sharply following the disruption of scrap supplies from the UAE, triggering panic buying and a steep rise in yard offers. UK-origin loaded shredded scrap was offered at $427-430/t CFR Qasim.

Market participants said offers had been more widely available three days earlier, but most material had reportedly sold by the previous day, giving sellers greater pricing power. UK and European-origin scrap prices are expected to remain firm until UAE supplies resume.

Bangladesh: Australian-origin containerised shredded scrap offers to Bangladesh stood at $415/t CFR Chattogram, but elevated finished-steel inventories and sluggish demand continued to weigh on import buying. A recycler said mills remained unwilling to accept higher-priced cargoes amid weak purchasing interest.

Turkiye: Deep-sea imported scrap market in Turkiye remained stable d-o-d, with HMS 80:20 at $395/t CFR. EU-origin offers were heard at $390/t CFR, supported by a stronger euro, while limited US offers and elevated freight costs kept trading activity subdued.

Market sentiment remained cautiously firm, although mills resisted prices above $400/t CFR amid weak rebar demand and high freight costs. US exporters remained bullish on expectations of stronger domestic scrap prices by year-end, while shipping constraints linked to the wheat season and geopolitical risks continued to support seller confidence.