South Asia: Imported scrap markets remain quiet amid Eid holidays; bid-offer gap restricts trade in India

• HMS bids at $340-345/t CFR in India against offers near $370/t
• Turkish scrap prices remain stable despite subdued demand

South Asian imported scrap markets remained largely subdued on 29 May amid the Eid holiday-related slowdown and cautious buying sentiment. Trading activity remained limited in Pakistan and Bangladesh, while India’s market continued facing pressure from poor import viability and a wide bid-offer gap. Meanwhile, Turkish deep-sea scrap prices remained stable amid limited buying interest and a lack of fresh transactions.

India: The imported ferrous scrap market remained weak, with a wide bid-offer gap continuing to restrict fresh bookings. US-origin shredded scrap offers were heard at $405-410/t CFR India, while UK-origin shredded offers stood at $395-400/t CFR.

Offers were ample, although buyers continued targeting significantly lower levels. Bids for LMS bundles were heard around $310/t CFR, while hand-loaded HMS bids were indicated at $340-345/t CFR, compared with supplier offers for fresh HMS cargoes near $370/t CFR. Some trading activity was reported at Mundra, with 25-26 t HMS cargoes booked at around $360/t CFR and 20 t HMS at $350-355/t CFR, while no significant buying activity was heard in Chennai. Market participants noted that the shift towards domestic scrap procurement in southern India continued to weigh on import demand.

Pakistan, Bangladesh: Imported scrap markets remained largely inactive on 28-29 May amid ongoing Eid holidays, resulting in limited trading visibility and a lack of workable market indications. Consequently, price assessments for both Pakistan and Bangladesh were suspended during the period.

Turkiye: Deep-sea imported scrap prices remained largely stable d-o-d at $408/t CFR on 29 May despite limited buying interest and a lack of fresh transactions ahead of the Eid al-Adha holidays. Most mills remained on the sidelines, keeping market activity subdued.

Turkish mills were reportedly bidding at $400-405/t CFR for US-origin HMS 80:20 and $399-400/t CFR for EU-origin material, below prevailing offer levels. Market participants noted that the current bid-offer spread continues to restrict fresh bookings, with exporters maintaining firmer price expectations.