- Indian market weak on muted steel demand, poor margins
- Pakistan, Bangladesh trade slows amid buyer resistance
South Asian imported scrap markets remained subdued on 3 June 2026, as weak steel demand, cautious buying sentiment, and poor import economics continued to limit trading activity across India, Pakistan, and Bangladesh. Meanwhile, softer sentiment in Turkiye added further pressure to the broader scrap market.
India: The imported ferrous scrap market remained weak, with buying interest continuing to stay limited amid poor steel margins and expectations of a monsoon-related slowdown in steel demand. UK/EU-origin HMS 80:20 offers were heard near $360/t CFR India, while shredded scrap was offered at $398-400/t CFR.
Market participants indicated workable levels near $340/t CFR Chennai, significantly below supplier expectations of $365-370/t CFR. Meanwhile, a 2,000 t Brazil-origin shredded scrap cargo was heard booked at $405/t CFR Nhava Sheva. Participants also indicated that bulk scrap procurement plans are currently under review at higher management levels, with future bookings dependent on production and consumption planning.
Pakistan: The imported scrap market remained subdued, with buying activity showing only limited improvement and buyers maintaining bids around $415-420/t CFR Qasim. Recent deals included Canada-origin shredded scrap at $416/t CFR, UK-origin shredded at $418/t CFR, and Malaysia-origin HMS bundles at $386/t CFR, while higher shredded offers at $415-425/t CFR continued to face resistance from buyers.
Bangladesh: The imported scrap market remained subdued, with limited fresh booking activity heard during the week. Market participants reported a 1,000 t Denmark-origin HMS 80:20 containerised cargo sold at around $390/t CFR Bangladesh, while buying interest remained cautious amid weak finished steel demand.
Offer indications remained available across multiple origins. Japan-origin H2 scrap was heard at $420-425/t CFR Bangladesh. New Zealand-origin shredded was heard at $418/t CFR, while UK-origin shredded scrap offers stood at $410-415/t CFR and HMS 80:20 at $380-385/t CFR. An offer for Philippines-origin GI bundles was also heard at $345/t CFR Bangladesh.
Turkiye: The deep-sea imported scrap market softened d-o-d amid weak downstream steel fundamentals and continued margin pressure. Market participants reported increasing selling pressure, with workable levels for US-origin HMS 80:20 heard at $400-405/t CFR and European-origin material below $400/t CFR. Sentiment remained bearish, supported by growing scrap availability and a rising number of sellers, while a recent HMS 80:20 transaction was reported at around $397/t CFR, leading some participants to anticipate further price declines.
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