South Asian imported scrap markets remain subdued; Weak Indian rupee hits buying sentiment

• India weak demand, Pakistan steady deals support prices
  
  
• Bangladesh stable, Turkiye range-bound with cautious buying
  
  

South Asia imported scrap markets remained mixed on 1 May, with India subdued on weak demand and currency pressure, Pakistan firm on steady deals, and Bangladesh stable amid cheaper local scrap, while Turkiye stayed range-bound with firm offers but cautious mill buying.

India: Imported scrap market remained subdued day-on-day, with limited buying interest amid weak demand and cautious sentiment. Australia-origin HMS (80:20) via grab loading to Chennai was heard at lower levels of $360-365/t, reflecting buyer resistance to higher offers. The ongoing pressure was further intensified by the Indian rupee touching an all-time low near INR 95/USD, reducing import affordability.

Buyers largely stayed inactive despite firm offer levels, with minimal influence from Turkiye market trends as domestic demand remained the key driver. Mozambique-origin HMS 80:20 was offered at $385-395/t against bids at $375-380/t, while EU-origin HMS ranged at $370-385/t depending on impurity levels. Shredded scrap offers were heard around $415/t, but weak demand continued to cap trade activity.

Pakistan: The imported scrap market in Pakistan showed steady activity with firm pricing trends, supported by continued deal flow. A Malaysia-origin busheling cargo was heard at $435-440/t CFR Karachi, while both shredded and busheling were offered at $445/t CFR Qasim, with of each reportedly sold at that level. Recent transactions also included UK/EU-origin shredded scrap at $423-424/t CFR Qasim, along with turning scrap concluded at $370/t CFR Qasim, indicating stable demand at prevailing prices.

Bangladesh: Imported scrap prices in Bangladesh remained largely stable, with Australian shredded heard at $435/t and New Zealand shredded at $407/t CFR. HMS 80:20 was indicated at $380-385/t CFR Chattogram, while UK-origin HMS was heard at around $395/t and shredded near $420/t. However, buying interest remained limited as local scrap prices at BDT 55,000-56,000/t ($448-456/t) continued to offer a cheaper alternative.

Turkiye: Deep-sea imported scrap market remained stable on 1 May, with US-origin HMS 80:20 offers reported at $415-420/t CFR, while bids were heard at $410-412/t, reflecting resistance from mills. Market sentiment was mixed, as weak downstream rebar demand weighed on confidence, raising doubts over further price increases. However, elevated freight rates from the US and EU continued to support higher offer levels, keeping the market range-bound.