South Asia: Imported scrap markets remain steady amid tepid demand

• Turkiye flat; Ramadan slows activity
  
  
• Pakistan stable; cautious buying persists
  
  

South Asia imported scrap markets remained largely unchanged on 24 February, with India and Pakistan witnessing cautious buying amid weak domestic demand, while Bangladesh sentiment improved post-election. Turkiye stayed range-bound, as Ramadan and subdued steel demand kept trading activity limited.

India: Imported busheling activity remained limited d-o-d, with uncoated material heard at $390-395/t CFR and coated at $380-385/t. Market participant commented, sellers may quote $375-380/t for shredded, but demand remains constrained as India's shredded market is relatively small and HMS 80:20 is workable near $348-350/t. Chennai continued to receive comparatively higher volumes than Nhava Sheva and Mundra.

Market participant commented, International scrap markets remained firm, but the Indian domestic market stayed weak amid poor local demand. Buyers remained cautious, with limited fresh enquiries despite stronger overseas trends. Offers from Australia to Chennai were heard at $355-360/t for HMS 90:10, $350/t for HMS 80:20, and $370/t for shredded.

Bangladesh: Imported scrap sentiment strengthened post-election, with Australia-origin HMS 80:20 heard at $360/t and above and shredded at $380-382/t CFR, though buyer bids remained lower at $372-375/t. Fresh Australia-to-Bangladesh offers were reported at $355-360/t for HMS 80:20, $365-370/t for HMS 1, $375-380/t for shredded, and $380-385/t for PNS, reflecting firm seller expectations amid cautious buying.

Pakistan: Imported shredded scrap prices in Pakistan remained stable, with UK/EU-origin material heard around $380/t CFR, while UAE-origin shredded stood higher at $390/t and UAE HMS 80:20 near $360/t. Market participants described the shredded segment as steady, with some expecting a slight uptick in March.

In the domestic market, steel rebar was heard at PKR 225,000/t ($805/t), billet at PKR 195,000/t ($697/t), and scrap at PKR 136,000/t ($486/t). Despite firm finished steel prices, buying activity in imported scrap remained measured, reflecting cautious procurement trends.

Turkiye: Deep-sea import scrap prices remained stable d-o-d on 24 February, with limited trading activity reported at the start of the week. US-origin HMS 80:20 was heard at $374-375/t CFR, while EU-origin material stood lower at $369-371/t CFR. Market participants attributed the muted activity to the first week of Ramadan and ongoing Lunar New Year holidays, which kept many traders away from active negotiations.