South Asia: Imported scrap markets show mixed trends; Turkish demand strengthens amid freight surge

• Bangladeshi mills remain active, higher freights lift offers
  
  
• Ramadan weighs on Pakistan trade, buyers eye price cuts
  
  

South Asia's imported scrap markets showed mixed trends d-o-d on 13 March. Bangladesh remained firm on strong mill demand, India stayed stable with limited activity, while Pakistan's sentiment softened amid Ramadan. Meanwhile, Turkish prices increased due to rising freight costs linked to the Middle East conflict.

India: Imported scrap prices in India remained largely stable d-o-d, with no firm offers, bids, or trades reported for containerised shredded scrap during the day. Market participants expect prices to rise amid global freight and supply uncertainties linked to the Middle East conflict. Offers for UK/EU-origin HMS were indicated around $365-370/t CFR India, while shredded scrap was heard near $385-390/t, although bids remained lower. Meanwhile, scrap from Italy and other European markets remained stable with no direct impact from the Middle East crisis so far.

Bangladesh: Imported scrap market sentiment in Bangladesh remained firm, supported by stable domestic steel demand, with major mills operating close to their rated capacities and maintaining steady scrap procurement. Busheling scrap offers were heard under discussion around $425-430/t. However, the Middle East conflict disrupted material flows and pushed freights higher, lifting US-origin bulk scrap offers above $380/t from earlier $373-375/t levels.

Pakistan: Imported shredded scrap was heard traded at above $405/t CFR Qasim, with even Poland-origin material reported at similar levels. Fresh offers were indicated near $410/t. Buyers' bids remained lower at around $400-405/t as many participants expect prices to soften further. Market sentiment is gradually weakening due to the Ramadan period, with softer prices potentially slowing trading activity.

Turkiye: Deep-sea imported scrap prices in Turkiye increased d-o-d on 13 March, with improved demand supported by rising dry bulk freights following the Middle East conflict. Firmer domestic steel demand also supported sentiment, with rebar prices up $10-15/t exw, while HMS 80:20 tradable levels were indicated at $375-380/t CFR.

Meanwhile, in the European market, a domestic containerised shredded scrap export deal was heard for around 500 t at EUR 300/t ($345/t) exw Benelux. Dock purchase prices also increased to about EUR 275/t, up EUR 5/t w-o-w.