South Asia: Imported ferrous scrap markets remain subdued amid weak mill demand

• India, Pakistan buyers delay bookings amid poor import viability 
• Turkish prices stay stable on tighter European scrap supply

South Asian imported ferrous scrap markets remained subdued on 6 August as weak finished steel demand, poor import viability, and cautious mill buying continued to restrict fresh bookings across India, Pakistan, and Bangladesh, while Turkish deep-sea scrap prices remained broadly stable on tighter European supply.

India: Imported ferrous scrap buying remained subdued as weak steel demand and poor import viability continued to restrict mill purchases. UK-origin shredded scrap was offered at $395-400/t CFR, while southern mills showed little interest, with bids for shredded heard at $350/t CFR against offers of $370-375/t CFR from Southeast Asia and Oceania. Australia/New Zealand-origin HMS 80:20 was workable at $315-320/t CFR Chennai, while HMS 90:10 and HMS 80:20 offers were heard at $340-345/t CFR and $335/t CFR, respectively.

Market participants noted that lower-priced domestic scrap continued to outweigh imported material, making India a loss-making destination for overseas suppliers, while premium busheling offers around $390/t CFR attracted limited buying interest.

Pakistan: Imported ferrous scrap trading remained subdued as most buyers stayed on the sidelines, awaiting a correction in prices before placing September bookings. Although offers continued to circulate, higher freight costs driven by war-risk surcharges pushed supplier prices upward, while the current workable levels for shredded scrap softened to around $408-410/t CFR Qasim.

Limited transactions were reported during the period, including a 3,500 t EU-origin shredded scrap cargo booked at $415-418/t CFR Qasim last weekend and 500-1,000 t of Thailand/Philippines-origin GI bundles sold at $358/t CFR Karachi. Market participants noted that buying interest remained selective, although enquiries for prompt-shipment cargoes were heard around $415-420/t CFR.

Bangladesh: Imported ferrous scrap buying remained subdued as weak finished steel demand and mounting mill losses continued to weigh on raw material procurement. Mills increasingly preferred cheaper domestic scrap, which fell below BDT 50,000/t, limiting interest in imported cargoes. Australia-origin HMS 90:10 offers declined to $365/t CFR Chattogram from $375/t, against buyer bids near $360/t, while an India-origin cargo was heard sold at $368/t CFR last week.

Turkiye: Imported deep-sea ferrous scrap prices remained largely stable d-o-d as tight European scrap supply and Rhine River logistics disruptions continued to support the market. US-origin HMS 80:20 tradable values were heard at $375-377/t CFR, with participants expecting supply constraints to provide near-term price support.