- Turkiye: Import prices firmer, mills cautious on higher offers
- Bangladesh: Scrap demand weak despite higher Japanese benchmarks
South Asia’s imported scrap markets remained largely subdued, with India, Pakistan, and Bangladesh facing weak buying interest amid high offers, while Turkiye showed relative firmness supported by tight supply, though mill resistance persisted due to weak downstream steel demand.
India: India’s imported containerised ferrous scrap market remained quiet, with shredded scrap prices holding steady as improving steel demand failed to convert into buying interest due to largely unworkable offer levels; Chile-origin HMS 80:20 in 20 ft containers was heard at $333-335/t, shredded at around $357/t, while indicative offers into Mundra and Nhava Sheva stood at $335-340/t CFR for EU HMS 80:20 and about $355/t CFR for UK-origin shredded, keeping buyers cautious and highly price-sensitive.
Pakistan: Pakistan’s imported scrap market remained selective, with export offers staying high while buyers showed limited appetite and focused only on workable levels of around $362-365/t CFR.
Bangladesh: The scrap import market remained weak as buyers showed limited appetite, even as Japan’s January Kanto scrap tender recorded its sixth consecutive increase, rising by JPY 1,083/t ($7/t) m-o-m to the highest level since May 2023; a 20,000-t H2 cargo was awarded to a Chattogram-based mill at JPY 46,771/t ($298/t) FAS, translating to around $305/t FOB and $345-350/t CFR, while Australian HMS 80:20 was indicated at $340-342/t and shredded at $362-364/t.
Turkiye: Deep-sea imported scrap prices edged up on 8 January, supported by firmer seller sentiment and higher offer levels, as seasonal supply tightness continued to underpin the market. US-origin offers were reported in the range of $375-380/t CFR, with sellers remaining optimistic that fresh deal activity could push prices higher in the near term.
However, buying interest from mills stayed cautious, with resistance to higher price levels amid compressed margins and stagnant downstream rebar demand. Market participants indicated a wait-and-see approach, noting weaker Chinese prices and limited rebar sales as key factors restraining scrap buying sentiment.
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