South Asia imported scrap markets remain subdued; Turkish prices remain steady

• India sees weak import demand amid depreciating INR 
• Turkish prices stable as sellers retain strong control

South Asian scrap markets remained subdued on 30 March, with India witnessing weak imports amid rupee pressure, Pakistan seeing firm shredded deals, and Bangladesh remaining stable at higher levels. Turkiye prices held steady due to strong seller control.

India: India’s scrap import activity remained subdued as the rupee weakened to record levels (INR 95/$), significantly inflating landed costs and making imports largely unviable. UK-origin shredded scrap was heard around $390-395/t CFR, while HMS 80:20 was indicated near $370-375/t CFR, with limited buying interest amid the fiscal year-end slowdown.

However, domestic rebar prices moved up sharply, supported by higher input costs and expectations of seasonal demand recovery, further strengthening the shift toward domestic scrap.

Pakistan: Imported shredded scrap prices in Pakistan were heard at $418-420/t CFR Qasim. A 500 t UK-origin cargo was booked at $418/t, while a 1,500 t UK-origin loaded cargo was previously sold at $425/t CFR and is currently available at around $430/t.

Fresh offers from the UK/Europe were heard at $420/t, with buyer bids at $414-416/t, indicating a narrow bid-offer spread.

Bangladesh: In Bangladesh, the imported scrap market remained stable at elevated levels, with UK-origin HMS at $380-385/t CFR and shredded scrap at $405-410/t from various origins. Domestic rebar prices at leading mills were heard in the range of BDT 92,000-95,000/t ($748-773/t) exw, supporting overall market sentiment.

Turkiye: Turkish deep-sea import scrap prices remained stable on 30 March, following a week of strong buying activity and price increases. Mills continued to actively seek cargoes for April-May shipments, with market participants reporting a flurry of deals, though most remained unconfirmed by close. Despite steady downstream rebar conditions, the market remains firmly in sellers’ control, with prices holding stable day-on-day after recent gains.