South Asia: Imported scrap markets on slow lane; Turkish prices rangebound

• Indian, Pakistani buyers remain cautious
  
  
• Bangladesh faces liquidity pressure
  
  

South Asian scrap markets remained largely subdued on 25 February, with India facing weak steel demand, Bangladesh grappling with liquidity constraints, and Pakistani buyers trading selectively during Ramadan. Turkish prices stayed range-bound amid muted buying and firm offers.

India: International scrap prices remain elevated due to a strong dollar, while domestic TMT demand in India stays weak, keeping overall sentiment subdued despite firm global cues. Imported busheling activity remained limited d-o-d, with uncoated material heard at $390-395/t CFR and coated at $380-385/t. Market participants indicated shredded may be quoted at $375-380/t, though demand remains constrained as Indias shredded market is relatively small. HMS 80:20 workable near $348-350/t. Chennai continued to receive relatively higher volumes compared with Nhava Sheva and Mundra.

Bangladesh: Imported scrap market conditions in Bangladesh weakened despite stable post-election sentiment, as liquidity pressures persisted and several small and mid-sized mills reportedly struggled to open LCs. The larger mills continued booking cargoes despite tight margins, while the smaller players faced operational strain.

Australia-origin HMS 80:20 was heard at $360/t and above, while shredded was indicated at $380-382/t CFR, though buyer bids remained lower at $372-375/t, reflecting cautious sentiment.

Pakistan: EU-origin shredded scrap was assessed at $378-380/t CFR Qasim, while UAE-origin offers were firm at $385/t CFR and above. Ramadan has led to selective trading and limited spot liquidity, though suppliers have maintained firm offers. Domestic scrap prices stood at PKR 136,000-138,000/t ($486-493/t). Buyers turned cautious after early-February restocking, with Ramadan slowdown and liquidity pressure further weighing on trading activity.

Turkiye: Deep-sea import scrap prices remained stable d-o-d on 25 February, with US-origin HMS 80:20 heard at $374-375/t CFR. Market activity was muted due to the ongoing Ramadan period, with participants reporting slow trading despite the presence of multiple offers.

Sources noted that winter conditions and domestic market challenges continue to weigh on buying appetite, with mills struggling to justify purchases near $375/t CFR. Additionally, Bangladesh has re-entered the market post-election, potentially diverting some US West Coast cargoes away from Turkiye and limiting fresh deal momentum.