South Asian imported scrap markets stay flat; Turkiye sees limited deals

• India sees selective buying, Australian scrap prices stable
• Selective trading in Pakistan despite falling rebar prices

South Asia’s imported scrap markets remained subdued, with weak buying in India and Bangladesh and selective demand in Pakistan due to tight margins, while the Turkish market stayed stable despite limited deals, though mills are expected to return to the market to cover near-term requirements.

India: Imported scrap demand in India remained subdued, with low interest in HMS, busheling, and shredded at current price levels as inventory pressure continued to weigh on buying, resulting in only selective bookings.

CFR Chennai indications for Australian-origin cargoes were heard at HMS 80:20 at $320-322/t, HMS 1 at $325-326/t, shredded at $338-340/t, and PNS at $342-345/t, while tin can bundles from Israel were reported at $250-255/t CFR Chennai.

Pakistan: Imported scrap prices remained stable d-o-d supported by firm seller offers even as domestic rebar prices continued to decline due to persistent market weakness. Major mills cut ex-works rebar prices squeezing raw material-to-finished steel margins and keeping buyers highly selective.

Recent bookings included EU shredded at $348/t CFR Qasim following a weekend deal at $350/t for 500 t CFR. UAE-origin HMS 80:20 was heard at $338-340/t CFR, while UK-origin shredded was booked at $352-355/t CFR for 500-1,000 t, with loaded cargoes reported below $350/t CFR.

Bangladesh: Imported scrap demand in Bangladesh remained subdued, with limited buying interest at current levels. Sellers were asking around $380/t CFR for PNS from Singapore, while bids were closer to $365/t CFR, resulting in a few concluded deals, as Australian HMS and shredded continued to trade in the $340-365/t CFR range without significant upward momentum.

Turkiye: Deep-sea scrap import prices remained largely unchanged d-o-d, with limited deal activity keeping the market in a holding pattern. Trading was quiet due to a lack of fresh offers, and buyer interest was subdued. US-origin or premium HMS 80:20 was indicated in the low $370/t CFR. With mills needing cargoes for January–February, activity is expected to rise soon.