South Asian imported scrap markets remain subdued as India stays weak

• India: Weak demand, domestic preference, imports remain limited
  
  
• Bangladesh: High costs, low buying, market remains quiet
  
  

South Asia scrap markets remained subdued as of 23 April, with weak demand in India, stable yet cautious Pakistan, quiet Bangladesh amid high costs, and steady Turkiye prices, as buyers held back due to pricing gaps and weak downstream conditions.

India: Imported containerised shredded scrap prices remained steady on 22 April, with overall sentiment weak due to limited buying interest and an unfavourable exchange rate. Buyers continued to prefer domestic sourcing, keeping import inquiries low and the market largely quiet.

Deals included Africa-origin LMS bundles (200 t) at $345/t CFR Mundra, MS turnings (500 t) at $340-345/t CFR Chennai, and UK-origin HMS 80:20 (500 t) at $380/t CFR Mundra. On the offer side, HMS bundles were heard at $375-380/t bid against $385/t offer, while shredded scrap was indicated at $400/t from South Africa and $398-400/t for UK origin, with limited takers.

Pakistan: The imported scrap market in Pakistan remained stable, with shredded offers heard around $425/t CFR Qasim and lower indications near $420/t, though seller clarity remained limited. Some deals were also reported around $410/t, reflecting cautious buying sentiment and a range-bound market.

Bangladesh: Imported scrap prices into Bangladesh remained largely stable, with Australia-origin HMS 80:20 reported at $400/t CFR Chattogram, while indications were also heard around $390-395/t. PNS offers, particularly from Hong Kong origin, were noted higher near $445/t CFR. However, overall import activity remained limited, with buyers largely absent from the market.

Market sentiment stayed subdued as local scrap remained cheaper, reducing the need for imports. At the same time, freight costs increased sharply by around $200 per container, along with rising material prices, further pressuring landed costs. Indications of HMS at $380/t and shredded at $405/t were not considered workable, keeping the market quiet with minimal deal activity.

Turkiye: Deep-sea scrap prices in Turkiye remained largely stable at around $402-406/t CFR on 23 April, with deals across multiple regions indicating a steady but directionless market and a narrow tradable range. Despite this, sentiment stayed cautious as both buyers and sellers awaited clearer price direction, with US sellers targeting around $410/t CFR while mills held back on bookings amid weak downstream demand and pricing uncertainty.