- Indian scrap buying remains slow on weak demand
- Turkish scrap prices firm on limited US availability
South Asian imported scrap markets remained largely cautious on 7 May, with subdued buying activity in India and steady but selective demand in Pakistan and Bangladesh. Meanwhile, Turkiye’s deep-sea scrap market firmed amid limited US-origin availability and strong freight rates, though weak downstream steel demand continued to cap aggressive buying interest globally.
India: The imported scrap market remained subdued, with trading activity staying largely quiet amid cautious buyer sentiment and limited fresh bookings. Market participants indicated that most buyers continued to stay on the sidelines, monitoring lower workable levels as weak steel demand and margin pressure persisted.
Offers varied across origins depending on quality and impurity levels. Somalia-origin HMS 80:20 (19/20 t loading) was heard at $355-360/t CFR, while Namibia/Libya-origin HMS (25 t loading) was indicated around $370/t. Australia-origin HMS 80:20 to Chennai was heard at $370-375/t CFR, with shredded at $390-395/t. UK-origin HMS 80:20 offers were around $370/t depending on impurity levels, while UK-origin shredded was around $395/t CFR due to limited shredded scrap availability. West Africa-origin HMS 80:20 was indicated at $370-375/t CFR, depending on cast iron content.
Pakistan: Imported scrap market remained firm, with selective deals supporting sentiment despite buyers closely monitoring lower-priced offers. UK-origin shredded scrap (500 t) was sold at $423/t CFR Qasim, while another shredded deal was heard at $428/t CFR Qasim.
Bangladesh: Imported scrap prices remained largely steady, though market participation continued to thin despite ongoing buying activity. Australia-origin busheling was heard at around $435/t CFR, shredded near $410/t, PNS at $412/t, and HMS at $395/t CFR. Meanwhile, UK-origin HMS offers to Chattogram were indicated at $390-400/t CFR, while shredded scrap offers were around $410/t CFR. Domestic scrap prices remained stable at BDT 55,000-57,000/t ($449-464/t), supporting cautious but steady buying sentiment.
Turkiye: The deep-sea imported scrap marketremian firm at $414/t d-o-d on 7 May, supported by limited US-origin availability and firm freight rates from the US East Coast. Deals for Europe/West Black Sea-origin HMS 80:20 were heard around $408/t CFR, while Denmark-origin HMS 80:20 to the Aegean region was indicated at $411/t CFR. However, gains remained capped by weak domestic and export rebar demand.
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