South Asian scrap markets diverge as Turkish prices stay firm and Indian buying slows

• African HMS offers remain around $380/t
• Bangladesh local scrap prices remain firm

South Asian scrap markets were mixed d-o-d, with Turkish prices holding firm while Pakistan and Bangladesh remained supported. Indian buying stayed subdued amid weak downstream demand and competitive domestic alternatives. Limited overseas availability and elevated freight costs continued to support import offers, while cautious mill procurement capped activity across key markets.

India: Imported containerized shredded scrap prices remained unchanged on 23 September at $413/t CFR Nhava Sheva, as weak downstream demand kept buying interest limited. Domestic DRI and scrap remained more competitive, reducing import appetite.

African HMS 80:20 was offered at $380-382/t CFR Nhava Sheva, with US HMS bids at $365/t and shredded offers near $416/t.

In Chennai African HMS bids were $365-366/t, while Australia-origin shredded material was offered at $390-395/t, with bids at $378-380/t.

No recent activity was reported from Malaysia, Singapore, Hong Kong or New Zealand as buyers remained quiet.

Pakistan: The imported scrap market remained firm, with shredded scrap indicatives at $418-420/t CFR Qasim. Sellers targeted around $423/t, while bids were indicated at $418-419/t. Buying interest remained limited as mills operated cautiously amid weak sales and recent tax changes.

Weak demand, cash-flow constraints, high energy costs, flooding and power disruptions kept domestic scrap procurement selective.

Bangladesh: Imported scrap prices remained supported, with Philippines-origin PNS/HMS booked around $376-383/t CFR Chattogram, while GI bundles were around $328/t.

Malaysia PNS offers were at $410-415/t CFR Chattogram, while Singapore PNS offers were last heard at $420-425/t. Japan-origin H2/PNS bulk and Singapore/Hong Kong material were indicated at around $395-400/t.

Local scrap prices remained firm at BDT 56,000-58,000/t ($455-472/t) for HMS and BDT 60,000-62,000/t ($488-504/t) for PNS.

Rebar prices remained firm at BDT 84,000-85,000/t ($683-691/t) in Dhaka and BDT 90,000-92,000/t ($732-748/t) in Chattogram.

Turkiye: Deep-sea scrap prices remained stable d-o-d in Turkiye on 23 September, supported by firm mill demand, limited overseas availability and elevated freight costs. BigMint assessed US-origin HMS 80:20 at $404/t CFR Turkiye.

Turkish mills continued to raise domestic scrap buying prices to secure local material amid higher import costs. Three to four Marmara-based mills increased local scrap purchase prices by TRY 300-600/t ($6-12/t) on 22 September.

Firm finished steel prices and healthy long-steel demand allowed mills to absorb higher input costs, while continued TRY depreciation lowered dollar-denominated prices for mills that kept their TRY prices unchanged.