South Asia imported scrap markets remain cautious; Turkiye records buying surge

• Freight surge reshapes global scrap trade dynamics
• Domestic sourcing gains momentum across key markets

South Asia scrap markets remained cautious on March 27, 2026, as currency pressure, elevated import costs, and geopolitical disruptions influenced buying strategies, pushing mills toward selective procurement and increased reliance on domestic material.

India: India’s scrap import activity has slowed significantly as the weakening rupee continues to inflate landed costs, making imported offers less viable. UK-origin shredded scrap was recently heard around $388-390/t CFR, while HMS 80:20 levels were indicated near $368-370/t CFR, though buying interest at these levels remains limited.

The disruption of nearly 20-22% of imports has further tightened supply, forcing mills to rely more on domestic scrap. This has intensified competition, with large steelmakers securing material at premium prices and favorable terms, while smaller mills face higher costs and restricted availability.

Pakistan: In Pakistan, imported shredded scrap prices were heard at $412-420/t CFR Qasim, with market activity remaining cautious. While demand eased slightly during the week, mills are still engaging in selective bookings, supported by expectations of stable to firm pricing in the near term.

Bangladesh: In Bangladesh, the imported scrap market remained subdued, with buying interest staying selective. UK-origin shredded scrap offers were heard above $405/t CFR, while Australian PNS and HMS 1 were also reported at similar levels, resulting in limited trading activity as mills tracked domestic steel price trends.

Turkiye: The market has clearly shifted in favor of sellers, with mills now paying an estimated $10–15/t more in recent bookings. Deep-sea scrap prices in Turkiye have moved higher, with US-origin HMS 80:20 deals approaching $400/t CFR, compared to earlier levels around $380/t CFR.

This upward trend is not driven by a shortage of scrap but is largely influenced by rising freight and bunker costs. A sharp increase in buying activity in recent days has further strengthened seller control, pushing prices higher despite stable underlying supply.