South Asian imported scrap markets remain stable, Turkish prices edge up

• Indian demand weak, rupee fall puts pressure on buyers
  
  
• Bangladesh sees stable demand, Turkish prices strengthen
  
  

South Asian scrap markets remained stable-to-firm on 29 April, with India, Pakistan, and Bangladesh showing cautious demand and limited buying despite steady offers, while in Turkiye prices strengthened on higher freight, though weak downstream demand continued to cap aggressive gains.

India: Imported scrap prices remained largely stable d-o-d after recent increases, with sentiment staying cautious due to weak downstream demand and resistance to higher offer levels. While suppliers continued to push offers higher amid tight scrap availability, buyers remained reluctant, keeping trading activity limited. Australia-origin HMS 80:20 was heard around $385/t and shredded at $400/t, while bulk HMS from Australia was indicated lower at $360-365/t (grab loading, Chennai). The pressure was further amplified by the Indian rupee touching an all-time low near INR 95/USD, reducing import affordability and adding to buyer caution.

Offer levels for hredded at $410-420/t from the UK, Africa, and Costa Rica. In the UK segment, HMS 80:20 offers at $390392/t CFR remained under negotiation, with current bid levels at $375-385/t, while shredded was offered at $405/t. Despite tight supply, weak buying interest and currency pressure continued to cap any upward movement in prices.

Pakistan: The imported scrap market saw steady activity and firm pricing trends. A busheling cargo from Malaysia was heard at $435-440/t CFR Karachi, while Malaysia also offered shredded and busheling at $445/t CFR Qasim. Recent deals included UK/EU-origin shredded scrap at $423-424/t CFR Qasim for 1,000 t lots, along with turning scrap concluded at $370/t CFR Qasim, indicating stable demand at current price levels.

Bangladesh: Imported scrap prices in Bangladesh remained largely stable, with limited buying activity despite steady offer levels. UK-origin PNS and Singapore-origin PNS with rebar were both offered at around $440/t CFR Chattogram, while Australian shredded was heard at $435/t and New Zealand shredded at $407/t CFR. HMS 80:20 was indicated at $380-385/t CFR Chattogram.

Turkiye: Deep-sea imported scrap market strengthened on 29 April, supported by firm freight rates pushing offers higher. US-origin HMS 80:20 was reported up to $420/t CFR, with bids at $412-414/t, narrowing the spread. Market sentiment remained firm, with expectations of further increases, though weak downstream rebar demand continued to raise concerns over sustainability.