South Asian imported scrap markets remain weak; Turkiye witnesses some activity

• Low demand prevails in Pakistan
  
  
• Turkish prices stable, multiple deals concluded
  
  

South Asian scrap markets remained weak as of 22 April, with declining prices in India, soft demand in Pakistan and cautious sentiment in Bangladesh; however, Turkish prices remained stable even as weak downstream demand and uncertainty limited fresh trading activity.

India: The imported scrap market in India remained sluggish, with prices declining by around $15/t w-o-w amid weak buying interest. Deals were reported for Mozambique-origin LMS bundles at $330-340/t CFR Mundra and Africa-origin HMS 1 (5% GICI) at $385/t, reflecting softer tradable levels.

UK-origin offers were heard at $375/t for HMS 80:20, $385/t for heavy HMS, shredded at $390-415/t depending on impurities, and bluesteel at $435/t, while heavy PNS was indicated at $415-420/t. Despite these offers, limited demand kept market activity subdued.

Pakistan: The imported scrap market in Pakistan remained soft, with shredded offers heard around $425/t CFR Qasim and lower indications near $420/t, though clarity on sellers was limited. Some deals were reported around $410/t, reflecting weaker buying sentiment. Domestic fundamentals remained under pressure, with billet prices at PKR 210,000-220,000/t ($753-789/t) and local scrap at PKR 155,000-158,000/t ($556-567/t).

Bangladesh: Imported scrap prices into Bangladesh remained largely stable, with a deal reported for Australia-origin HMS 80:20 (1,000 t) at $400/t CFR. However, market activity stayed quiet, with limited buying interest and uncertainty over current tradable levels. Indications suggested HMS around $380/t and shredded near $405/t were not yet workable, while a client bid was heard at $405/t for shredded and $380/t for HMS. Offer levels were reported higher by around $10-15/t, keeping the market subdued.

Turkiye: Deep-sea scrap prices remained stable on 21 April, with multiple deals concluded across different regions in Turkiye, indicating a steady but directionless market. France-origin 85:15 was heard at $401/t CFR in the East Marmara region, while US-origin HMS 80:20 was reported at $404/t CFR in the West Black Sea region. Additionally, UK-origin HMS 80:20 was concluded at $400/t CFR in the Mediterranean region, with a bonus level at $425/t, reflecting a narrow tradable range across origins.

Despite recent deals, sentiment remained cautious as both sides awaited clearer direction. US sellers targeted ~$410/t CFR, while mills delayed buying amid weak downstream demand and pricing uncertainty.