South Asia: Imported scrap markets remain subdued; Turkish prices hit 2-year high

• Low mill capacity utilisation in Pakistan keeps demand muted
• Scrap shortages support prices in India, bid-offer gaps widen

South Asian scrap markets remained largely stable on 28 April, with weak demand in India and Pakistan, though Bangladesh remained steady. Meanwhile, Turkish prices rose to a two-year high, supported by recent US-origin deals.

India: The imported scrap market in India remained cautious, with limited buying interest despite a moderate improvement in trading activity in Chennai.

Offers remained elevated, supported by scrap shortages, resulting in a wide gap with buyer expectations. Imported shredded scrap was heard at $420-425/t, while workable levels were around $400/t for shredded and $380/t for HMS. Indicative bids were heard at $370-380/t for HMS and $330-345/t for LMS, while some buyers sought HMS closer to $375/t.

Supplier indications included Bluesteel (UK/EU) at $430-435/t, HMS 80:20 at $385-386/t, UK shredded (3-4% impurity) at $395-400/t, and low-impurity EU shredded at $405-415/t. Additional offers were heard for UK-origin HMS 80:20 (3% impurity) at $380/t, Africa-origin HMS at $390/t, and UK shredded at $415-420/t.

Pakistan: The imported scrap market remained largely stable d-o-d, with minimal changes in overall trading activity. Shredded scrap prices held steady at $420-422/t, reflecting balanced conditions, while steel mill utilisation was at around 40%, indicating subdued demand. Local scrap prices were heard at PKR 155,000-158,000/t ($556-567/t).

Bangladesh: Imported scrap prices in Bangladesh remained stable, with a 1,000-t PNS cargo from Singapore heard sold at $425/t CFR Chattogram. HMS 80:20 (UK origin) was indicated at $385-390/t, while shredded scrap from the UK was heard at $415-420/t, with overall market conditions steady.

Turkiye: Deep-sea imported scrap prices in Turkiye were slightly higher d-o-d, with HMS 80:20 around $410/t CFR following recent US-origin trades. Prices touched a two-year high on 28 April, supported by firm freights and strong US domestic fundamentals, even as rebar demand stayed weak.

Market sentiment remained mixed, with sellers holding firm expectations while buyers continued to absorb elevated price levels. Despite cautious buying, most participants expect prices to stay firm in the near term, with limited signs of any immediate correction.