South Asia: Imported scrap markets remain subdued while Turkiye sees further price uptick

• India’s market under pressure after diversion of Australian cargoes
• Turkiye witnesses rebound amid tight supply and firm offers

South Asia’s imported scrap markets remained largely quiet, with India and Bangladesh subdued, Pakistan awaiting improved demand, and Turkiye showing recovery amid tight supply and offers firming.

India: India’s imported ferrous scrap market stayed quiet, with limited arrivals in Chennai as most Australian cargoes were diverted to Indonesia due to lower freight rates. This kept Chennai under pressure, while cheaper UK-origin cargoes gained traction in western India.

UK turnings were sold at $312/t CFR Nhava Sheva for 250 t, with fresh offers heard at $315-320/t CFR, similar to Chennai levels. Australian shredded was offered at $360-365/t against bids at $355-356/t, while HMS 90:10 stood at $340-345/t with bids below $340/t.

Pakistan: Pakistan’s imported scrap market remained slow this week, with buyers expected to return more actively next week as sentiment improves following Turkiye’s $4-5/t rebound. Current offers for EU shredded stood at $367-368/t CFR Qasim and are expected to rise to $370-372/t in the coming days.

Bangladesh: Imported scrap market remained quiet day-on-day, with buyers showing little interest even as offers held steady. PNS from Malaysia was heard at $370/t CFR, shredded at $358/t, and hollow bundles at $350/t CFR.

Turkiye: Imported scrap prices rose further d-o-d, marking a recovery after the dip seen in early September. Market sentiment improved, supported by reports of fresh deal activity and firm offers from recyclers. Limited supply and stronger demand expectations gave sellers room to push higher.

US/Baltic-origin HMS 80:20 clustered around $342/t CFR, while EU-origin material was seen at $332-335/t CFR. Market participants noted that the recovery was largely supply-driven, with mills still selectively booking cargoes to cover October needs.

Price assessments

India: UK-origin shredded prices rise by $1/t d-o-d at $361/t CFR Nhava Sheva.

Pakistan: UK-origin shredded indicatives rose by $1/t d-o-d to $368/t CFR Qasim.

Bangladesh: UK-origin shredded prices rise by $1/t d-o-d to $372/t CFR Chattogram.

Turkiye: US-origin HMS 80:20 bulk prices were at $342/t CFR Turkiye, rising by $3/t d-o-d.