South Asia: Imported scrap demand remains selective amid cautious sentiment

• Rebar prices rise in Bangladesh but scrap demand stays weak
• Tight supply, higher collection costs keep Turkish prices firm

South Asia’s imported scrap markets stayed cautious, as while offers remained firm, weak demand prevented deals. This led to selective trading activity across the three hubs of India, Pakistan, and Bangladesh. Meanwhile, in Turkiye, supply tightness and higher collection costs kept imported scrap prices firm despite downstream pressure.

India: India’s imported containerised ferrous scrap market remained subdued, with buyers showing limited urgency and restricting purchases to workable levels. From Australia to India, indicative prices were assessed at $325-330/t CFR for HMS 80:20, $330-335/t for HMS 1, $344-348/t for shredded, and $345-350/t for PNS. UK-origin shredded scrap was offered higher, at around $355-358/t CFR, while HMS 80:20 offers were heard near $330/t CFR, but buying interest at these levels stayed thin.

Material from Malaysia and Thailand was quoted at $360-365/t CFR Chennai for NTP bales, $375-378/t for busheling, and $314-316/t for turnings. Australia-origin scrap was assessed at $335-340/t for HMS 1 and $345-350/t for shredded on a CFR Chennai basis.

Pakistan: The imported scrap market in Pakistan remained selective, with buyers focusing on procuring only those grades that were offered at workable prices. Recent price indications showed Dubai-origin HMS at $356-358/t CFR Qasim, while sheared HMS from the same origin was heard at $360-362/t CFR. UK/EU-origin shredded scrap was heard at progressively higher levels of $365/t, $368/t, and up to $372/t CFR Qasim, pointing to a gradual firming trend for higher-quality material.

Bangladesh: The imported scrap market in Bangladesh remained subdued, with buyers showing limited appetite and engaging only in selective procurement amid cautious sentiment. Despite the weak scrap market, non-brand 500-grade rebar prices increased by up to BDT 2,000/t ($16/t) today, supported by tighter availability and short-term restocking by re-rollers.

From Australia to Bangladesh, offers were assessed at $330-335/t for HMS 80:20, $335-342/t for HMS 1, $355-360/t for shredded scrap, and $365-370/t for PNS on a CFR basis.

Turkiye: Imported scrap sentiment remained firm, supported by seasonal supply tightness and a lack of sellers, particularly for US East Coast cargoes. Higher collection costs in Europe continued to underpin prices. Despite weaker rebar prices and export demand, mills were forced to pay higher levels due to the absence of cheaper Chinese billet alternatives. Recent US-origin HMS 80:20 was heard around $376/t CFR.