South Asia's imported scrap markets remain mixed

• Indian prices rise marginally on improved steel prices
  
  
• Turkiye stable, supported by late-Jan demand
  
  

South Asia imported scrap markets remained mixed on 29 December, with India recording a marginal uptick in prices on firmer steel prices, while Pakistan and Bangladesh remained subdued amid year-end slowdowns. Turkiye prices stayed stable post-Christmas, supported by near-term buying interest despite slower holiday trade.

India: Imported scrap market sentiment improved marginally on a day-on-day basis, driven by a firmer domestic steel price environment in India. The recent improvement in rebar and billet prices encouraged buyers to move out of the wait-and-watch mode and actively pursue material at mid-level price ranges, resulting in higher offer indications, especially for Gulf-origin cargoes.

At the same time, overall buying activity remained controlled as the market approaches the holiday season. Containerised imported shredded scrap prices stayed largely stable, with mills limiting purchases to immediate requirements. Stable offer levels from Australia and the EU suggest that while sentiment has turned slightly positive, seasonality and cautious demand continue to cap aggressive restocking.

Pakistan: Pakistans imported scrap market stayed largely quiet, with assessed prices for imported material hovering around $355-358/t. Shredded scrap offers were heard near $360/t, but buying interest remained limited amid year-end slowdowns. Unfavourable exchange rates and payment delays further weighed on sentiment, prompting buyers to postpone fresh bookings and keeping overall transaction activity restricted.

Bangladesh: The imported scrap market in Bangladesh saw sluggish activity during the day, with limited buying interest from mills. Offers for shredded scrap from Australia were heard at $360-362/t CFR, while PNS offers from Singapore and Hong Kong were quoted in the range of $360-366/t CFR. Meanwhile, domestic melting and ship scrap prices softened to around BDT 45,000-48,000/t ($368-393/t), reflecting cautious furnace operations and subdued finished steel demand.

Turkiye: Deep-sea imported scrap prices remained stable post-Christmas, supported by increased deal activity as mills covered requirements ahead of the holiday period, particularly for late January and early February shipments. Market participants reported a cautiously bullish tone, noting continued buying interest from Turkish steelmakers, even as overall trading momentum was expected to slow due to the festive season, with US-origin scrap levels heard around $370/t.