South Asia: Imported scrap market remains under pressure; Turkish prices remain stable

• Elevated delivered costs keep Indian mills away from imports
• Rising freight expectations support scrap buying in Pakistan

South Asia’s imported ferrous scrap trading remained mixed on 17 July, with India and Bangladesh witnessing subdued buying amid weak demand and poor import viability, while Pakistan’s containerised shredded scrap trade strengthened on active bookings and expectations of higher UK freights. Meanwhile, Turkish prices remained stable.

India: Imported ferrous scrap trading in India remained subdued as poor import viability and weak demand from small and mid-sized steel mills kept buyers on the sidelines. Market participants expect imported scrap prices to soften further in the near term amid limited procurement activity.

Offers for Africa- and Europe-origin HMS 80:20 were heard at $325-330/t CFR, while Chilean HMS 80:20 was offered at $330/t CFR. UK shredded was quoted at $395-400/t CFR, although buyers indicated workable levels of only $365-370/t CFR. Containerised HMS was offered at $325-335/t CFR, while buyers targeted $310-320/t CFR.

Pakistan: Imported shredded scrap trading in Pakistan strengthened on 17 July as mills remained active in the containerised market, with expectations of higher freights from the UK next week supporting buying interest. A 500-t UK/EU-origin shredded cargo was heard sold at $403/t CFR Qasim, following deals concluded at $397/t CFR and $405/t CFR on 16 July, indicating firm market sentiment.

Bangladesh: Imported ferrous scrap trading in Bangladesh remained subdued as buyers continued to resist higher offers amid weak demand and cautious procurement. Singapore-origin PNS was offered at $390/t CFR Chattogram against bids at $385/t, while Chile-origin PNS+HMS 1 attracted bids at $370/t CFR. Australia-origin HMS 90:10 was heard offered at $365-370/t CFR, with the wide bid-offer gap limiting trading activity.

Turkiye: Deep-sea scrap prices remained stable on 17 July as subdued trading activity kept market sentiment mixed. Weak downstream steel demand and the seasonal summer slowdown continued to weigh on buying interest, although some participants reported improved mill enquiries towards the weekend.

Tradable values for US-origin HMS 80:20 were assessed at $369-370/t CFR, with broader market indications ranging between $368-375/t CFR. Limited firm offers from US suppliers and cautious mill procurement kept prices largely unchanged.