South Asian imported scrap booking activity remains limited amid softer sentiment and holiday closures

• Eid holidays continued slowing South Asian scrap trade
• Weak steel demand limited fresh imported scrap bookings

South Asian imported scrap markets remained subdued on 27 May amid Eid holiday slowdown, weak steel demand, and limited fresh bookings, while Turkish deep-sea scrap trade stayed largely inactive with mills delaying purchases and buyers remaining absent ahead of market reopening after 1 June.

India: Imported scrap market remained weak, with current offer levels still considered unworkable for buyers amid poor import viability and subdued steel demand. Booking activity remained extremely dull, while traders largely stayed away from fresh deals as market prices continued softening. LMS bundle offers around $345/t CFR also became difficult to conclude amid weakening sentiment.

Meanwhile, UK-origin shredded scrap offers were heard near $375-380/t CFR, while UK-origin HMS 80:20 stood around $355-360/t CFR India. Market participants noted that limited buying interest and continued pressure on mill margins were keeping overall imported scrap trade activity subdued.

Pakistan: The imported scrap market remained slow in Pakistan as Eid holidays largely halted trading activity across the country. Market participants noted limited fresh offers and subdued booking activity, although a UK origgin was heard selling nearly 1,300 t of shredded scrap into Pakistan at around $414/t CFR yesterday. Meanwhile, Malaysia-origin LMS bundle offers were heard near $355/t CFR Pakistan.

Bangladesh: The imported scrap market remained largely subdued in Bangladesh amid ongoing Eid holidays and slower trading activity. Market participants noted limited fresh bookings during the week, although an Australia-origin HMS 80:20 deal for nearly 1,000 t was heard concluded around $393/t CFR last week.

Turkiye: Deep-sea import scrap prices remained largely stable d-o-d, although market activity stayed extremely quiet amid the ongoing Eid al-Adha holiday period in Turkiye. Market participants noted that trading activity was almost non-existent, with buyers largely absent from the market and most price indications considered unworkable until business resumes after 1 June. Weak mill demand and abundant offer availability continued keeping the market in a clear buyer’s territory.

However, market participants noted that no major fresh bookings are expected during the holiday week, despite suppliers continuing to maintain active offer availability.