- India: Offers firm; buying remains selective
- Turkiye: Deep-sea stable; mills cautious on margins
South Asia’s imported scrap markets showed mixed trends on 19 February, with India selective amid firm offers, Bangladesh strengthening post-election, Pakistan steady but slow during Ramadan, and Turkiye slightly softer as winter constraints and weak rebar demand kept mills cautious despite stable deep-sea levels.
India: India’s imported scrap market showed mixed sentiment, with Australia-origin offers to Chennai at $350/t for HMS 80:20 and $370/t for shredded considered difficult to work. Buying interest in Chennai remained limited, with only a few buyers willing to engage at elevated levels.
Elsewhere, firmer indications were heard amid a stronger dollar. HMS 80:20 was offered at $350/t and above, including a Ireland-origin cargo at $355/t CFR Mundra. European HMS 80:20 was heard at $350/t, US-origin clean HMS at $352/t, and shredded at $370–375/t, though buying remained selective.
Bangladesh: Imported ferrous scrap sentiment in Bangladesh strengthened after the election week, supported by expectations of renewed project demand and the gradual resumption of steel production across several mills. Australia-origin offers reflected firm levels, with HMS 80:20 at $360/t+, HMS 1 at $370/t, and shredded at $380-382/t, while buyer bids remained lower at $372–375/t, indicating continued price sensitivity.
Additionally, according to a market participant, a US West Coast cargo was heard sold to Chhattogram based steel mill for April shipment, with HMS at $375/t and shredded scrap at $385/t.
Pakistan: Imported shredded scrap prices in Pakistan stayed firm, with EU-origin material assessed around $381/t CFR Qasim and offers largely in the $380-382/t range. Although buyers attempted lower bids, deal closures remained limited as exporters held firm on the back of healthy yard pricing and order books. At the same time, Ramadan-related slowdown kept mills cautious, resulting in restrained fresh buying activity.
Turkiye: Deep-sea import scrap prices edged slightly lower day-on-day, with HMS 80:20 largely stable around $372-375/t CFR. Recent Baltic-origin cargoes were heard at $372/t CFR to aegean based mills, while US origin concluded HMS 80:20 at $375/t CFR to East marmara and Aegean based mill, indicating limited downside despite weaker sentiment.
Market balance remains influenced by seasonal and demand-side factors. Harsh winter conditions in northern Europe are constraining scrap flows, while Ramadan in Turkiye is slowing mill activity, with several producers entering maintenance- mills face squeezed margins and weak finished product demand, keeping buying cautious even as multiple sellers remain active in the market.
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