Imported scrap demand remains subdued in key South Asian markets

• Pakistan: Buyers await post-budget clarity before fresh bookings
• Bangladesh: Limited enquiries keep imported scrap market under pressure

South Asian imported ferrous scrap markets remained subdued on 1 July as weak steel demand and cautious buying continued to limit trading activity across India, Pakistan and Bangladesh. Meanwhile, Turkish deep-sea scrap prices stayed under pressure amid sluggish rebar demand and limited fresh bookings.

India: Imported ferrous scrap prices remained subdued on the first day of July, with containerised shredded scrap values largely unchanged amid weak demand and limited trading activity. Offer indications for UK-origin shredded scrap were heard at around $390/t CFR, while buyers remained $15-20/t below these levels.

US-origin HMS 80:20 was heard at $335-340/t CFR, with containerised HMS 80:20 bids and offers assessed at $330-355/t CFR Nhava Sheva. Mills continued to adopt a cautious approach, limiting fresh import bookings.

Pakistan: The imported shredded scrap market remained subdued, with buyers maintaining a wait-and-watch approach following the recent federal budget and amid weak steel demand. Market participants expect buying activity to improve next week as post-budget clearances are completed. Earlier deals at $401-405/t CFR Qasim were no longer considered representative of the market, with buyers currently seeking bookings closer to $400/t CFR. Meanwhile, local prime scrap prices were assessed at PKR 152,000-154,000/t ($546-554/t), providing continued competition to imported material.

Bangladesh: The imported ferrous scrap market remained under pressure, with buying enquiries from major mills in Dhaka and Chattogram staying limited amid weak steel demand. A deal for UK-origin shredded scrap was concluded at $400/t CFR Bangladesh, while Brazil-origin HMS 80:20 was offered at $365-370/t CFR Chattogram. Domestic ship scrap prices were heard at BDT 54,000-54,500/t ex-yard, continuing to support cautious procurement by local mills.

Turkiye: Deep-sea imported scrap prices remained under pressure on the first day of July, with trading activity staying subdued as weak rebar demand and bearish market sentiment continued to weigh on buying interest. Turkish mills maintained a cautious approach, with bids for short-sea HMS 80:20 heard in the low $340s/t CFR.

Tradable values were reported at $380-385/t CFR for US-origin HMS 80:20 and $377-379/t CFR for Baltic/EU-origin HMS 80:20. Sluggish activity in both domestic and export rebar markets continued to limit mills’ appetite for fresh bookings, keeping scrap prices under pressure.