South Asia imported scrap prices advance; Turkiye shows strongest rise

• Bangladesh: Imported scrap prices stayed elevated amid cautious buying
• Türkiye: Deep-sea scrap prices increased on stronger mill margins

South Asia: Imported scrap markets showed mixed trends on September 3, with India and Türkiye firming on stronger prices, while Pakistan remained subdued and Bangladesh stayed elevated amid firm local scrap prices and cautious buying interest.

India: Imported containerised scrap market firmed d-o-d, with a 10-FCL HMS cargo booked at $350/t CFR Mundra. Market participants said HMS 23/24 MT levels depend on payment terms, with arrival-payment levels around $355-365/t and earlier payment against shipping documents attracting a $10-12/t discount.

UK-origin shredded scrap was offered at $412-415/t, while UK HMS was offered at $360-365/t CFR India.

Pakistan: Imported shredded scrap market remained subdued, although a UK-origin cargo was booked at $415/t CFR Qasim. Offers remained above $420/t, while container shortages, higher freight and the stronger GBP continued to keep import costs elevated.

Bangladesh: Imported scrap market remained on the higher side, supported by firm local scrap prices of BDT 54,000-55,000/t. US bulk offers remained firm at around $390/t, although buying interest was weak amid rising global freight costs, with major mills making enquiries but yet to conclude suitable deals.

Japanese H2 scrap offers remained above $385/t, but prices are expected to face downward pressure in the coming days as Japanese domestic mills continue to keep purchase prices low.

Turkiye: Deep-sea imported scrap market increased d-o-d on 2 September, with fresh deals reported at higher levels as elevated rebar prices and improved mill margins continued to support scrap buying sentiment. Sell-side participants remained bullish, with US sellers targeting around $386/t CFR and EU sellers around $380/t CFR.

Market participants expect prices to rise further, with US-origin HMS 80:20 likely to reach around $385-386/t CFR and Baltic-origin material around $381-382/t. Some participants expect US-origin prices could approach $390/t next week if the current upward momentum continues.