- Turkiye quiet due to holiday, sentiment cautious
- India, Pakistan: weak buying; offers without closures
South Asia scrap markets remained subdued during 24 April, with India and Pakistan witnessing weak buying interest despite available offers, Bangladesh steady amid cost pressures, and Turkiye largely quiet due to holidays, as overall sentiment stayed cautious.
India: Imported scrap market remained largely subdued, with buyers staying on the sidelines despite multiple offers in the market. No major deals were reported, reflecting weak purchasing interest. Offer levels were heard at UK-origin shredded scrap at $425/t CFR Port Qasim, UK Bluesteel at $445/t CFR Mundra, brake discs at $440/t CFR Mundra, and African HMS at $385/t CFR Mundra. US-origin bulk HMS 80:20 was also indicated at $390-395/t CFR Kandla.
Buying sentiment remained weak as mills preferred relatively cheaper domestic scrap and alternative feedstocks such as sponge iron, especially amid continued depreciation of the Indian rupee against the US dollar.
Pakistan: Imported scrap market remained largely quiet, with buyers staying inactive despite available offers and no major deal closures reported. Offer levels were heard at around $425/t CFR Port Qasim for UK-origin shredded scrap, while Malaysia-origin busheling was indicated near $435/t CFR. However, limited activity was noted, with two deals concluded for Malaysia-origin material, comprising 500 t of busheling and 1,000 t of shredded scrap, both at $435/t CFR Pakistan.
Bangladesh: Imported scrap prices into Bangladesh remained largely stable, with Australia-origin HMS 80:20 reported at $400/t CFR Chattogram, while lower indications were also heard at $390-395/t. PNS offers, particularly from Hong Kong origin, were noted higher at around $445/t CFR. Market sentiment remained subdued as relatively cheaper domestic scrap reduced import appetite, while a sharp rise in freight costs by about $200 per container, along with higher material prices, continued to pressure overall landed costs.
Turkiye: Deep-sea imported scrap prices remained largely stable at around $406/t on 24 April, with trading activity muted amid a public holiday in the country. In the downstream segment, rebar export demand continued to stay weak, prompting mills to focus more on domestic sales. On the supply side, US exporters maintained firm offers, targeting levels around $410/t CFR Turkiye.
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