South Asia: Imported scrap prices remain elevated but buying stays limited across regions

• Indian buyers resist higher offers amid weak demand
• Bangladesh prices firm on steady demand and deals

South Asian scrap markets on 6 April showed mixed trends, with India facing buyer resistance, Bangladesh remaining firm, and Pakistan weak. Meanwhile, in Turkiye prices held steady, supported by limited semis supply and rising energy costs amid Middle East tensions.

India: Imported scrap offers to India showed mixed trends, with sellers firming up prices while buyers remained resistant. HMS offers from the UK were heard at $385-390/t CFR Mundra/Nhava Sheva, while workable buyer levels stayed lower at $370-375/t. Shredded scrap offers rose further to $415-420/t, but remained largely unworkable, widening the shredded-HMS spread to $25-30/t from $15-20/t earlier.

Offer levels from Australia also indicated an upward trend, with HMS 80:20 at $375-380/t, HMS 1 at $385/t, shredded at $390-392/t, and PNS at $400-405/t. However, Indian buyers continued to show limited acceptance, citing weak finished steel demand and high procurement costs. The bid-offer gap has widened significantly to around $22-25+/t for shredded and $15-16/t for HMS, reflecting a disconnect between firm seller expectations and cautious buyer sentiment.

Pakistan: Pakistan’s scrap market sentiment remained weak, with sluggish demand for semi-finished and finished steel amid a recent rise in fuel prices weighing on buying interest. Offers were heard at $425/t for UK-origin shredded and $435/t for PNS at Port Qasim, but no major trades were reported at these levels as buyers remained cautious.

Bangladesh: Imported scrap prices in Bangladesh remained firm day-on-day, supported by steady buying interest and limited availability. Offers from Australia were heard at $385/t for HMS 80:20, $395/t for HMS 1, shredded at $410-415/t, and PNS at $422-425/t CFR Chattogram, with a deal for Australian shredded reported at $412/t. Shredded scrap prices ranged between $405-410/t for UK origin and $412-415/t for Australian origin.

Turkiye: Deep-sea imported scrap prices remained firm to stable on 6 April, with HMS 80:20 assessed at around $402/t CFR, largely stable d-o-d. Market sentiment was supported by limited availability of imported semi-finished steel, particularly billet and slab, which continued to shift buying interest toward scrap and kept mills active in securing raw materials.

Participants tracked rising energy costs amid Middle East tensions, adding uncertainty, while ongoing procurement needs supported prices despite cautious sentiment.