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South Asia: Divergent Trends in the Scrap Import Market, with Indian Buyers Becoming More Cautious

Category: Blog

Time:2026-03-17

Market sources reported on March 17 that sentiment in the South Asian scrap import market on March 16 was mixed: Bangladesh remained firm due to steady purchasing; Pakistan stayed active despite the Ramadan slowdown; India saw prices soften; and Turkey held steady as higher freight rates bolstered sellers’ expectations. India: Sentiment has turned more cautious, with buyers submitting offers below current quotes and steelmakers reluctant to accept higher price levels, resulting in a day-on-day decline in import appetite for Indian scrap. Market sources noted that waning procurement interest, a strengthening U.S. dollar above 92, and concerns over domestic natural gas supply have all dampened buying activity. The approaching end of the fiscal year has further slowed trading activity.

　　Market sources said on March 17 that sentiment in the South Asian scrap import market on March 16 was mixed: Bangladesh remained firm due to steady procurement, Pakistan stayed active despite the Ramadan slowdown, Indian prices softened, and Turkey held steady as higher freight rates bolstered sellers’ expectations.

　　India: Market sentiment has turned cautious, with buyers submitting offers below current quotes and steelmakers reluctant to accept higher price levels. Consequently, India’s scrap import appetite remains subdued on a day-over-day basis. Market sources report that waning purchasing interest, a strengthening U.S. dollar above 92, and concerns over domestic natural gas supply have all dampened procurement activity. The approaching fiscal year-end has further slowed trading volumes.

　　Indicative deal prices are reportedly slightly lower: crushed scrap in Nawashiva/Mundra, CFR, is around US$368–370 per tonne, while 80:20 remelt scrap, CFR, is near US$355–356 per tonne. However, offer prices remain relatively high, with crushed scrap quoted at about US$380 per tonne and 80:20 remelt scrap (hand-sorted, 1% impurities) at nearly US$360 per tonne, plus UK/EU/Ireland freight of roughly US$55 per tonne. Market participants added that strong demand from Pakistan and Bangladesh contrasts with subdued trading activity in India.

　　Bangladesh: Procurement remains robust, with freight rate increases linked to the Middle East conflict and steady purchasing activity providing solid support for Bangladesh’s scrap steel import market, keeping market sentiment firm. British-origin shredded scrap is reportedly trading at around USD 390–395 per tonne on a CFR basis, while 80:20 remelt scrap is quoted at nearly USD 370–375 per tonne.

　　Pakistan: Activity Remains Steady Despite Ramadan Slowdown. Pakistani imports of crushed scrap are reportedly trading at USD 405–415 per tonne CFR Port Qasim, with Polish sources quoting similar levels. New offers are around USD 410 per tonne, while buyers are bidding lower at USD 400–405 per tonne, as many market participants expect prices to soften.

　　Sentiment has gradually softened in the final week before Eid al-Fitr, yet Pakistan remains attractive to UK and EU suppliers due to its higher price levels compared with neighboring countries. Over the past week, freight rates have surged, with 20-foot container rates climbing from around USD 1,400 to approximately USD 2,100, significantly increasing the landed cost of scrap steel.

　　Turkey: Freight Rates Rise, Prices Hold Steady. On March 16, Turkey’s deep-sea scrap import prices remained broadly unchanged on a day-over-day basis, with U.S.-origin 80:20 remelt scrap reportedly trading at around USD 375–378 per tonne on a CFR basis. Freight rates from the U.S. East Coast have increased by USD 10–20 per tonne to USD 50–60 per tonne, bolstering sellers’ expectations; however, weak rebar demand and cautious purchasing by steel mills have capped any further price gains.

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South Asia: Divergent Trends in the Scrap Import Market, with Indian Buyers Becoming More Cautious

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