South Asia: Imported scrap markets remain subdued, with India showing the weakest buying interest

• India: Weak demand, rupee pressure keeps imports low
• Turkiye: Prices steady as US weather restricts supply

South Asia’s imported scrap markets stayed subdued on 27 January as India, Pakistan, and Bangladesh all resisted high offers amid weak steel demand and currency pressure, while Turkish markets remained subdued with stable prices and weather-driven supply constraints.

Region-wise highlights

India: Imported scrap demand in India stayed weak as the rupee’s depreciation and slow finished steel sales kept buyers cautious. Mundra continued to show relatively better demand than Chennai, with Africa-Australia-New Zealand-Brazil-Chile HMS 80:20 heard around 350/t CFR Mundra and 335/t CFR Chennai. PNS indications were firmer at 370/t for Mundra (Ludhiana) and 345/t CFR Chennai, but deals remained limited as both buyers and sellers struggled to close the gap on workable levels.

Australia-origin cargoes into Chennai were discussed at 332-334/t for HMS 80:20, 338-342/t for HMS 1, 348-350/t for shredded, and 355–360/t for PNS. Overall sentiment stayed soft as mills preferred domestic scrap and short-term bookings, avoiding larger imported volumes until currency conditions stabilise and steel demand improves.

Pakistan: Imported scrap market stayed cautious, with buyers holding back amid high offer levels of 380-385/t from the EU. A small UAE cargo of 3,000 t HMS 1 was booked at 375/t CFR Qasim, while UAE shredded showed a wider gap, with bids at 378-380/t.

Bangladesh: The imported scrap market remained quiet, with Bangladesh buyers resisting high offers and focusing only on workable levels. Australia-origin material was discussed 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. Indicative levels also surfaced at 365-370/t CFR for Hong Kong PNS, around 370/t for Malaysian busheling.

Turkiye: Deep-sea scrap prices stayed stable on Jan 26, with the market quiet as tight margins and harsh winter weather limited activity. US snowstorms kept collection low and raised expectations of higher export offers, while cold conditions in Turkiye continued to suppress rebar demand and mill buying.

Participants noted that severe US East Coast weather may delay February-early March shipments, tightening supply just as Turkish mills prepare for March-shipment purchases. However, weak downstream demand is keeping the market cautious, with HMS 80:20 holding at 375/t CFR.