South Asia: Imported scrap prices remain firm; India buying stays subdued

• Bangladesh: Stable prices, deals conclude at lower workable levels
  
  
• Turkiye: No fresh deals, mills covered, market remains quiet
  
  

South Asia, 9 April: Market remained firm, though imported scrap activity stayed subdued across India, Pakistan, and Bangladesh amid weak buying interest and pricing pressure. In Turkiye, trading remained muted with no fresh deals, as mills held sufficient bookings and maintained a cautious stance.

India: Imported scrap offers to India continued to face weak buying interest, despite relatively firm seller expectations. Recent deals into Mundra included West Africa-origin HMS (80:20) at $380/t CFR, South Africa at $385/t, and Brazil at $370/t, indicating price variation by origin. Current offer levels are heard at $380-385/t for HMS 80:20, shredded at $410-415/t with bids closer to $400/t, while mills remain resistant at higher levels.

Suppliers are increasingly hesitant to target India, as buyers continue to place low bids despite tight supply feasibility. Brazil-origin HMS (sheared, machine-loaded with 2-3% impurities) was heard at around $375/t CFR Chattogram, highlighting relatively better demand in Bangladesh and other neighbouring countries.

Pakistan: A UK-based supplier indicated local buying levels at around 265/t (~$355/t) ex-works, with freight estimated at about $1,550 per container. In the import market, bids for UK/Europe-origin shredded scrap were heard at $423/t CFR Qasim, while offers stood at $430/t. Buyers, however, remained closer to $425/t, reflecting a narrow negotiation range but continued resistance to higher offer levels.

Bangladesh: Imported scrap prices into Bangladesh remained largely stable, with limited fresh trading activity. HMS 80:20 was heard at $400/t CFR, HMS 1 at $408-410/t, shredded scrap at $430-435/t, and PNS at $440-445/t. Earlier offers at $425-430/t failed to attract buying interest, with mills bidding closer to $410-415/t, forcing exporters to reduce prices to close the deal.

Turkiye: Deep-sea imported scrap prices remained largely stable on 9 April, with subdued trading as market participants assessed the potential impact of the US-Iran conditional two-week ceasefire. Rumors of European-origin offers around $395/t CFR circulated, while an indicative US-origin offer at $405/$425/t CFR was reported, though no deals were confirmed.

Market inactivity reflects Turkish mills having already booked 35-40 cargoes for April-May. With sufficient coverage and weak rebar demand, mills are attempting to push scrap prices lower, resulting in no fresh bookings and a wait-and-watch approach.