South Asia: Imported scrap markets remain subdued, led by weak Indian buying

• India containerised scrap quiet, offers largely unworkable
• Bangladesh scrap demand weak, bid-offer gap persists

South Asia imported scrap markets remained subdued across India, Pakistan, and Bangladesh amid cautious buying and unworkable offers, while Turkiye held steady, supported by firm domestic pricing and limited winter scrap availability.

India: India’s imported containerised scrap market remained quiet, with EU and UK shredded indicated around $355/t CFR Mundra/Nhava Sheva and HMS 80:20 heard at $330-340/t CFR at the same ports. Some optimism emerged on improved steel demand, though offers stayed unworkable.

Australian cargoes were indicated at $318-320/t for HMS 80:20, $325-326/t for HMS 1, $336-340/t for shredded, and $342-345/t for PNS. German busheling was offered at $370-375/t, EU HMS 80:20 at $335-340/t, with a Ludhiana-based mill confirming $370-372/t CFR West Coast India for busheling.

Pakistan: Imported scrap trading in Pakistan remained muted, with buyers showing limited appetite for fresh purchases, as UK-origin shredded was indicated at around $365-370/t CFR Qasim and UAE-origin sheared HMS near $345/t CFR, while some suppliers were heard quoting firmer levels around $365/t, though buying interest remained cautious.

Bangladesh: Imported scrap conditions in Bangladesh remained weak, with buying interest continuing to lag. Australian-origin HMS in containers was heard around $345/t, while bulk sellers from Singapore and Australia were offering HMS near $360/t. Buyers, however, were largely targeting lower levels around $350/t, reflecting cautious sentiment.

Price indications for Australian cargoes into Bangladesh included HMS 80:20 at $325-330/t, HMS 1 at $335-340/t, shredded at $358-360/t, and PNS at $362-365/t. Despite these offers, limited appetite and selective procurement kept trading activity muted.

Turkiye: Deep-sea imported scrap prices remained largely unchanged on January 5, as market participants adopted a wait-and-see approach following the holiday period. Trading activity was thin at the start of the week, with limited deal flow amid seasonally tight scrap availability during winter.

Market sentiment, however, showed a slightly firmer undertone. Sources noted steady demand and unchanged offer levels, while Turkish mills raised domestic scrap collection prices by around $6-10/t and adjusted rebar prices higher. One European-origin HMS 80:20 cargo was reportedly concluded at $365/t.