South Asia: Imported scrap buying remains weak, while Turkiye market stays firm

• India: rupee pressure, imports unviable, buying weak
• Turkiye: prices firm, buyers resist, activity remains slow

South Asia scrap markets remained weak on 25 March, with India under pressure from currency and demand, Pakistan slow post-Eid, and Bangladesh cautious. Turkiye stayed firm on cost support, though trading remained limited amid ongoing uncertainty.

India: India market remained weak, with sentiment weak amid a struggling rupee and subdued downstream demand. Ongoing Middle East tensions have pushed up freight costs and impacted container availability, further supporting higher offer levels but weighing on buying interest.

At current levels, domestic material is more viable, as noted by participants. UK-origin scrap is being heard around $370/t for HMS 80:20 and $390/t for shredded, though overall import activity remains limited.

Pakistan: Imported market remained largely inactive, with trading yet to resume fully post-Eid despite markets reopening. Activity stayed limited, with no major deals reported today. Pre-Eid levels indicated UK-origin shredded offers at $415-420/t CFR Qasim, with the market still hovering around similar levels, reflecting firm pricing but weak buying interest.

Bangladesh: Bangladesh market remained cautious amid Eid holidays, with limited activity and no fresh offers reported, except for an Australian-origin busheling bundle at $410/t CFR Chattogram.

Offers were heard for Australia-origin PNS and HMS 1 at $400/t, Hong Kong-origin PNS at $413/t, and UK-origin shredded at $400/t. Buyers continue to pay higher prices to secure material from East Asia and Australia.

Turkiye: Deep-sea scrap import prices continued to rise d-o-d on 25 March, with HMS 80:20 assessed at $394/t CFR, supported by firm freight and energy costs. However, trading activity remained limited as mills resisted higher offers due to squeezed rebar margins. Buyers were heard at $385-388/t CFR, while US sellers held firm at $395-400/t.

Ongoing Middle East uncertainty kept market sentiment cautious, though sellers maintained a firm stance. Additionally, Turkiye has recently tested containerised scrap procurement, signalling a shift from traditional bulk trade flows.