- Indian buyers inactive due to FY-end, higher offers
- Pakistan remains subdued ahead of Eid holidays
South Asian imported scrap markets showed mixed sentiment d-o-d on 17 March 2026. Bangladesh remained stable on steady buying, trade in Pakistan was sluggish ahead of Eid, and India was cautious amid weak demand. Meanwhile, Turkish prices edged up as rising freights supported seller expectations.
India: Imported scrap market sentiment in India remained cautious d-o-d, with bids staying below prevailing offers and trading activity limited. Indicative prices from Oceania/East Asia were heard around $360/t CFR for HMS (80:20), $370/t for HMS 1, $380/t for shredded, and $390/t for PNS. However, tradable levels were slightly lower, with shredded around $368-370/t and HMS 80:20 near $355-356/t CFR Nhava Sheva/Mundra, as buyers remained inactive due to year-end closing and resistance to higher offers.
Market participants expect prices to rise by $10-20/t as sellers find stronger demand in nearby markets such as Bangladesh, Pakistan, and Thailand. Tight domestic supply, including reduced scrap generation due to gas shortages, a slowdown in Alang shipbreaking, and halted Iranian HBI flows, is likely to support prices, with expectations that Indian buyers may gradually align with regional price levels.
Bangladesh: Imported scrap market sentiment in Bangladesh remained stable, with indicative prices of Oceania/East Asia-origin material heard around $370/t CFR for HMS 80:20, $382/t for HMS 1, $390-392/t for shredded, and $415-420/t for PNS. A deal for PNS was also reported concluded at $420/t CFR Chattogram, reflecting steady buying interest.
Pakistan: Imported shredded scrap in Pakistan was heard around $405-408/t CFR Qasim for UK-origin material, with blue steels at $414-418/t and LMS near $355/t. Suppliers remained firm with limited offers, while buyers showed interest around $400-405/t for UK-origin cargoes. However, market activity is expected to remain subdued over the next 10-12 days due to the Eid holidays, leading to a temporary slowdown in trading.
Turkiye: Deep-sea imported scrap prices in Turkiye edged up d-o-d at the start of the week, supported by rising dry bulk freights linked to the Middle East conflict. However, market activity remained muted as both buyers and sellers adopted a wait-and-watch approach amid uncertainty over freight and energy costs. Sellers attempted to push offers higher, with US-origin targeting up to $400/t CFR and EU-origin above $380/t CFR, though mills remained cautious.
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