- Bangladesh: Buyers delay purchases expecting lower freight
- Turkiye: Weak rebar demand limits scrap procurement
South Asia imported scrap market, 24 June: Sentiment remained subdued across India, Pakistan, and Bangladesh amid cautious buying, weak steel demand, and improving freight expectations. Turkish deep-sea scrap prices were stable, though limited procurement and weak downstream demand continued to weigh on regional market activity.
India: The imported ferrous scrap market remained subdued, with buying activity limited as most mills found prevailing offer levels unviable. North India’s market remained largely inactive, while buyers continued to target lower workable levels. A deal for Singapore-origin LMS was reported at $300-310/t CFR Chennai for July arrival.
Offer indications were heard at $330/t CFR for South Africa-origin HMS 80:20, $345/t CFR for Europe-origin HMS 80:20 (1.5% impurities), and $385-386/t CFR for UK-origin shredded scrap. Meanwhile, tradable values for containerized shredded scrap were assessed at $375-395/t CFR Nhava Sheva, with no firm bids or offers reported during the day.
Pakistan: Imported shredded scrap sentiment softened, with buyers seeking lower workable levels amid ample offer availability and weakening market sentiment. Deal indications for UK-origin shredded scrap were reported at $410-415/t CFR Qasim, while offer levels were heard at around $413/t CFR. Market participants noted that prices have declined by around $5/t from last week as buyers continued to push for discounts. Meanwhile, domestic scrap prices were reported at PKR 150,000-155,000/t, providing additional competition to imported material.
Bangladesh: The imported scrap market remained quiet, with buyers delaying purchases in anticipation of lower freight costs following the easing of tensions between the US and Iran. Buying interest remained limited, with Australia-origin HMS 80:20 bids heard at $365/t CFR against offers at $380/t CFR, while Australia-origin shredded scrap was bid at $410/t CFR, although market participants indicated workable levels could soften toward $390/t CFR. UK-origin HMS 80:20 was offered at around $365/t CFR, with overall market activity remaining subdued.
Turkiye: Deep-sea imported scrap prices remained stable on 24 June, although trading activity continued to be subdued. Mills remained cautious amid weak rebar demand and EU quota uncertainty. Offer activity was also sparse, with Baltic-origin HMS 80:20 heard at $388-390/t CFR Turkiye. Weak domestic rebar demand continued to limit scrap procurement, keeping prices stable.
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