South Asia: Imported scrap markets witness stable yet cautious demand across regions

• Pak market firm on steady buying, Bangladesh prices unchanged
• Turkish scrap market quiet as US supply tightens, margins shrink

South Asia’s imported scrap markets stayed largely unchanged, with India stable ahead of election-related disruptions, Pakistan firm on pre-Ramadan buying, and Bangladesh exhibiting similar trends. Turkiye remained quiet, with tight US supply and weak margins keeping deep-sea activity limited.

Region-wise highlights

India: Imported scrap offers into India remained stable with UK shredded at around $370/t CFR despite slow buying, and Middle East-origin PNS, blue steel and super grades heard at $380-385/t CFR Mundra.

Market participants expect this trend to continue until April, as the upcoming three-state election code is likely to disrupt transport, construction activity and labour availability during campaigning when workforce and logistics often get diverted. Australian offers remained unchanged, with HMS 80:20 at $345-348/t, HMS 1 at $355-360/t, shredded at $365-370/t and PNS at $375-380/t.

Pakistan: Imported shredded scrap prices in Pakistan remained firm as pre-Ramadan buying supported a short-term lift ahead of 17 February. UAE shredded was indicated above $400/t and UAE HMS 80:20 above $375/t, while UK shredded hovered around $385/t. EU-origin material saw active trading, with 250 t of shredded sold at $380/t CFR and 250 t of GI bundles at $378/t CFR Port Qasim. A larger 1,500 t Dubai-origin sheared HMS 80:20 cargo was reported at $370/t CFR Qasim. Domestic rebar remained high at PKR 222,000-225,000/t ($794-805/t), keeping mills cautious but still engaged in selective restocking.

Bangladesh: Imported ferrous scrap prices in Bangladesh remained largely unchanged, with UK/EU shredded at $370/t CFR Chattogram and HMS around $350/t. Australian offers were also stable, with HMS 80:20 at $360/t, HMS 1 at $365-370/t, shredded at $375-380/t and PNS at $380-385/t.

Turkiye: Imported deep-sea scrap sentiment in Turkiye remained stable on 11 February, with limited activity keeping buyers and sellers at a stalemate amid squeezed margins on both sides. Market participants noted uncertainty over direction as deal volumes stayed thin and offers remained scarce. Seasonal supply tightness in the US, driven by freezing winter weather that halted scrap collection, kept availability low and seller targets below $380/t CFR, adding to the quiet and cautious tone in the Turkish market.