South Asia: Imported scrap markets remain soft amid limited buying interest

• Turkish scrap market quiet; prices stable, but uptick expected
  
  
• Pakistan's scrap prices ease slightly, buyers remain cautious
  
  

South Asian imported scrap markets remained largely stable to soft on 17 April, with India and Pakistan witnessing mild price corrections amid weak demand, while Bangladesh stayed steady. The Turkish market remained quiet with limited deals, though a slight price uptick is expected.

India: The imported scrap market softened slightly amid moderately moderate buying interest. Some deals were heard across origins, with Brazil-origin HMS (grab loading) at $372/t CFR Mundra, Latin America hand-loaded HMS at $388/t CFR, and similar levels heard for bulk HMS cargoes. Sub-grade scrap was indicated at $347/t CFR Mundra (40ft), while UK-origin steel turnings and HMS were traded at $340/t CFR Nhava Sheva and $385/t CFR, respectively.

Suppliers continued to target $420-425/t CFR India for shredded scrap; however, buyers remained reluctant, with bids barely above $390/t. Market sentiment was weak, with prices easing by around $5/t d-o-d. Shredded scrap was indicated at $395/t CFR, while HMS stood at $375-380/t CFR India, indicating a market facing mild downward pressure.

Pakistan: The imported scrap market in Pakistan softened slightly, with UK-origin shredded scrap deals heard at $425/t CFR Qasim amid limited buyer interest, while offers remained around $430/t. A lower offer at $418/t CFR Qasim was also reported from a shipper, indicating easing price levels. A sharp decline in local finished steel prices further weighed on buying sentiment.

Bangladesh: Imported scrap prices into Bangladesh remained largely stable, with PNS offers heard at $430-440/t CFR. Australia and New Zealand-origin HMS 1 was indicated at $398-400/t CFR, while shredded scrap was offered around $420/t. Offers for Singapore/Malaysia-origin PNS were also heard at similar levels of $430-440/t CFR.

Turkiye: Deep-sea imported scrap prices remained stable on 17 April, with limited deal activity as sellers stayed largely absent and overall market sentiment remained quiet. Market participants expect a potential increase of around $5/t in the coming week, with indicative levels heard at $400/t for EU-origin, $397-398/t for UK-origin, and around $405/t for US-origin material.

Some deals were heard in the market, including a US-Mediterranean region transaction at $401/t. Additionally, a Mediterranean mill is believed to have secured two more cargoes, one from the UK at around $397/t and another from the EU at $395/t, although sellers are reportedly keeping details under wraps.