South Asia: Imported scrap markets remain subdued; currency depreciation dampens Indian appetite

• Election-led uncertainty, tight liquidity limit Bangladesh demand
• Turkish prices soften on weak rebar demand, winter slowdown

South Asia’s imported scrap markets stayed weak on 23 January 2026, with India and Bangladesh pressured by currency volatility and cautious buying, while Pakistan saw wide shredded price spreads for EU and UAE material. Turkish prices also softened as poor rebar demand and winter slowdowns limited mills’ scrap procurement appetite.

Region-wise highlights

India: Imported scrap demand in India stayed weak as the rupee plunged to nearly INR 92 per US dollar — its weakest level — discouraging fresh bookings, particularly in the south. Buyer indications fell further, with shredded heard at $345-348/t CFR Chennai and HMS 80:20-90:10 at $320-322/t CFR, while west coast buyers maintained a $5/t premium.

No urgent bookings were heard in Chennai, reflecting increasing cost pressure due to currency depreciation. From Australia, offers were cited at $330-335/t for HMS 80:20, $338-340/t for HMS 1, $350-355/t for shredded, and $355-360/t for PNS, but mills remained cautious and bought only at workable levels.

Pakistan: The imported scrap market in Pakistan witnessed a significant price gap between EU and UAE-origin shredded material. Buying interest for EU shredded hovered around $375/t, with offers at $378-380/t CFR Qasim.

UAE shredded reflected a wider spread, with buyers at $378-380/t and offers higher at $388-390/t CFR. Market participants expect prices to firm in the coming weeks, supported by strong export demand and rising freight costs caused by longer alternative shipping routes.

Bangladesh: The imported scrap market remained highly selective as election-related uncertainty and liquidity constraints kept buying limited. Indicative levels were heard at $365-370/t CFR for Hong Kong-origin PNS, around $370/t for Malaysian busheling, and $340-345/t for Brazilian HMS. Two HMS 80:20 bookings were heard at $358/t and $362/t CFR Chattogram, reflecting slight upward movement but still within a narrow range.

From Australia, offers were reported at $345-350/t for HMS 80:20, $355-360/t for HMS 1, $365-370/t for shredded, and $370-375/t for PNS, though mills remained cautious and continued to procure only at workable levels.

Turkiye: Deep-sea import scrap prices softened as weak domestic rebar demand and harsh winter conditions slowed construction activity, pressuring mills’ scrap buying. US-origin HMS 80:20 was heard around $376-379/t CFR. Some mills booked US West Coast cargoes, but delivery delays for February shipments kept sentiment cautious.