- India imports subdued amid high dollar rates
- Bangladesh remain selective before February elections
South Asian scrap markets stayed cautious on 22 January due to weak down stream steel demand, currency pressures, and selective buying.
In Turkiye, supply remain slow amid limited EU winter supply and strong US EAF demand which directly supported US origin scrap prices, while subdued domestic and export activity in the country continued to restrict stronger upward momentum in the near term.
India: Imported scrap demand in India remained subdued, with no urgent bookings reported for South Indian steelmakers, as the effective dollar rate touched nearly INR 92/$. Buyer indications were heard at $345-348/t CFR for shredded and $320-322/t CFR for HMS 80:20 and HMS 90:10, with a $5/t premium for West Coast India.
Australian-origin scrap was indicated at $330-335/t CFR for HMS 80:20, $338-340/t for HMS 90:10, $350-355/t for shredded, and $355-360/t for PNS as of 22 January. Meanwhile, Canada-origin shredded was sold at $362/t CFR Nhava Sheva.
Pakistan: The imported scrap market in Pakistan showed wide price variation between EU and UAE-origin shredded material. Current buying levels were around $372-373/t CFR, with EU offers at $378-380/t, while UAE buying stood near $378-380/t and offers ranged higher at $388-390/t CFR Qasim.
However, prices are expected to rise in the coming weeks amid strong export demand, rising freight costs due to longer alternative shipping routes.
Bangladesh: Bangladesh’s scrap imports remained highly selective amid ongoing election preparations and liquidity constraints across key regions.
Indicative prices were heard at $365-370/t CFR for Hong Kong-origin PNS, $370/t for Malaysian busheling, and $340-345/t for Brazilian HMS.
Australian-origin scrap, was indicated at $350-355/t CFR for HMS 80:20, $355-360/t for HMS 90:10, $365-370/t for shredded, and $370-375/t for PNS.
Turkiye: Deep-sea import scrap prices in Turkiye edged lower on January 22, pressured by weak domestic and export rebar demand amid harsh winter conditions.
HMS 80:20 at $376/t CFR, down $1 d-o-d, with tradable levels ranging between $376-379/t. Limited availability and high collection costs kept offers from US and EU sellers scarce.
Strong US EAF demand further tightened global scrap supply, reducing export availability and supporting underlying price levels.
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