South Asia: Imported scrap market sentiment remains cautious; India, Bangladesh see selective deals

• Buyers in Chattogram re-enter market to replenish stocks
• Firm freights, slow US collection support Turkish prices

South Asian imported scrap markets remained subdued on 27 February. India and Bangladesh witnessed selective deals amid cautious buying, while Pakistan remained steady amid firm offers. Turkish prices also remained stable as limited interest capped fresh deep-sea bookings.

India: Imported scrap activity in India remained mixed, with selective deals concluded amid cautious buying. A cargo of HMS 60:40 from Costa Rica was purchased at $330/t CFR Chennai, while UK-origin incinerator scrap (HMS) were booked at $255/t CFR Mundra. Earlier, around 5,000 t of LMS from Brazil were booked in late January at $310/t CFR Mundra, with arrival expected within 10-15 days.

Australian indicative CFR offers to India (as of 26 February) were heard at $342-345/t for HMS (80:20) against bids near $340/t, $352-355/t for HMS 1, $365-366/t for shredded (workable $360-362/t), and $372-375/t for PNS. However, Chennai buyers remained largely inactive due to firm offers, instead focusing on lower-priced, readily loaded cargoes from Malaysia, Singapore, Hong Kong, and Thailand.

Bangladesh: Imported scrap prices were heard at $355-360/t for HMS (80:20), with some buyers willing to pay slightly higher levels, while HMS 1 stood at $365-370/t, shredded at $372-373/t, and PNS at $378-380/t. Although suppliers indicated PNS availability at $372-375/t, negotiations were ongoing toward $380/t.

Some buyers in Chattogram re-entered the market to replenish stocks; however, overall sentiment remained cautious. Most participants were reluctant to accept higher prices, keeping broader trading activity under pressure and limiting stronger deal momentum.

Pakistan: Imported scrap prices in Pakistan were heard at $375/t CFR Qasim and $372/t for fabrication scrap, while PNS stood at $358/t and $355/t with 15-day shipment. Sheared HMS was indicated at $360/t and $357/t with 15-day shipment. Meanwhile, EU-origin shredded scrap was assessed at $378-380/t CFR Qasim, with UAE-origin offers heard at $385/t CFR and above.

Turkiye: Deep-sea import scrap prices remained stable d-o-d on 27 February, with US-origin HMS 80:20 workable at $375-376/t CFR and EU/Baltic material at $372-373/t, while US suppliers continued targeting $380/t. Firm Atlantic freights and slow collection amid harsh US winter weather offered support, though limited buyer interest kept fresh deal activity subdued and sentiment mixed.