- Pakistan mills remain cautious on fresh bookings
- Turkiye billet cuts pressure scrap market sentiment
South Asia imported ferrous scrap markets remained subdued on 12 June, with weak steel demand, currency pressure, and wide bid-offer gaps limiting buying activity across India, Pakistan, and Bangladesh. Meanwhile, Turkiye’s deep-sea scrap market softened amid lower rebar prices and cautious mill procurement.
India: Imported scrap market remained subdued on 12 June, with buying interest constrained by weak steel demand, a weaker rupee, and a wide bid-offer gap. Market participants noted that the depreciation of the rupee continued to reduce the viability of imports, as buyers faced higher landed costs for dollar-denominated cargoes.
Containerized shredded scrap prices remained stable, with tradable levels heard at $389-390/t CFR Nhava Sheva. Meanwhile, US-origin shredded scrap was heard around $410/t CFR India, while no HMS deals were reported. Offer indications for UK-origin HMS were heard at $360/t CFR for HMS 80:20 (3% impurities) and bulk cargoes, while containerized HMS was offered near $340/t CFR. Buyers continued to resist higher prices, with bids around $345/t CFR for 1% impurities.
Pakistan: Imported ferrous scrap market remained subdued, with mills showing limited buying interest amid weak finished steel sales and cautious inventory management. Market participants reported strong resistance from buyers, with UK-origin shredded scrap heard at $414-416/t CFR Qasim after prolonged negotiations, reflecting the challenging market conditions.
Bangladesh: Imported scrap market remained quiet, with mills maintaining a cautious purchasing approach amid weak steel demand and a persistent bid-offer gap. Shredded scrap bids were heard around $410/t CFR Bangladesh, while offers remained higher at $420-425/t CFR, limiting fresh booking activity as buyers continued to wait for more attractive price levels.
Turkiye: Deep-sea imported scrap market softened on 12 June, with workable levels declining to around $402-404/t CFR Turkiye amid weak finished steel demand and lower rebar prices. Several transactions were reported during the week, including a 10,000 t France-origin HMS 80:20 cargo sold at $391/t CFR and a Germany-origin cargo booked at $392/t CFR. Another 20,000 t France-origin cargo was heard concluded at $386/t CFR. Meanwhile, offers for US-origin HMS 80:20 were heard at $408-409/t CFR, while Eurozone-origin material was offered around $400/t CFR, indicating continued downward pressure on the market.
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