South Asia: Imported scrap markets remain muted; rupee depreciation caps Indian demand

• Pakistani buyers delay bookings amid approaching Eid holiday
• Tight supply supports Turkish prices, buyers show resistance

South Asian imported scrap markets remained weak on 14 May amid sluggish steel demand, cautious buying activity, currency pressures, and letter of credit (LC) constraints. Meanwhile, Turkiye’s deep-sea scrap market remained firm on steady EU-origin offers despite squeezed mill margins.

India: Imported containerised shredded scrap prices edged up on 14 May in line with stronger rates being paid by neighbouring Pakistan, though market sentiment remained weak d-o-d. Market participants noted that Indian buying interest softened sharply compared to other countries, with bids for HMS 80:20 largely heard near $350/t CFR, while suppliers preferred levels around $370/t CFR. The stronger US domestic scrap market continued to limit export viability, while an unfavourable US dollar/rupee exchange rate further restricted fresh bookings.

Venezuela-origin HMS 1 was heard at $375/t CFR Mundra, Europe-origin HMS 80:20 at $375/t CFR, US-origin shredded scrap at $378/t CFR, UK-origin shredded scrap at $415/t CFR, and Africa-origin bundles at $335/t CFR.

Pakistan: The imported scrap market remained slow d-o-d, as Pakistani importers remained cautious and largely delayed fresh bookings ahead of the Eid al-Adha holiday. Containerised shredded scrap offers were heard at around $430/t CFR Port Qasim, while bids were reported near $420/t CFR. Meanwhile, around 1,000 t of Malaysia-origin busheling was reportedly booked at $445/t CFR Qasim.

Bangladesh: The imported scrap market remained slow d-o-d, with UK-origin shredded scrap offers reported at $415-416/t CFR, while Hong Kong-origin HMS 1 and PNS offers were heard at $410-425/t CFR and Australia-origin shredded scrap at $415-420/t CFR.

Turkiye: The deep-sea imported scrap market remained firm d-o-d, with fresh EU-origin HMS 80:20 offers from UK-based recyclers heard at around $405/t CFR, while Holland-origin offers were heard at near $408/t CFR. Stable raw material costs and limited availability continued to support scrap prices; however, Turkish mills remained cautious as declining finished steel prices and sluggish downstream demand continued to squeeze margins, making it difficult for mills to accept higher scrap prices despite steady bullish sentiment from recyclers. Meanwhile, Kardemir was heard concluding an 85,000 t billet tender at $530-540/t ex-works.