South Asia: Imported ferrous scrap markets lack momentum despite selective bookings

• India buying stays subdued amid weak import viability.
• Pakistan records selective bookings; Bangladesh buyers seek lower prices.

South Asia imported ferrous scrap markets remained mixed on 7 August, with cautious buying in India and Bangladesh, selective bookings in Pakistan, while firm deep-sea prices in Turkiye continued to underpin regional import sentiment.

India: Imported ferrous scrap buying remained subdued as mills continued to resist higher offers amid weak import viability. Africa-origin HMS 80:20 was offered at $340/t C&F Mundra (CAD), although no deal had been concluded. Overall import offers were heard at $335-345/t, while Australia/New Zealand-origin HMS 80:20 workable levels stood at $315-320/t Chennai.

Buying interest for premium grades remained weak, with southern mills showing no inquiries for shredded scrap despite offers at $370-375/t CFR against bids near $350/t. Malaysia-origin busheling was offered around $390/t, with the last buying interest heard at $360-365/t. Market participants indicated India remains a loss-making destination for overseas suppliers.

Pakistan: Imported ferrous scrap trading remained active, with UK-origin shredded scrap booked at $412/t CFR Qasim for prompt shipment and an on-water cargo sold at $425/t CFR Qasim, reflecting a $10-15/t premium over booking material. Current supplier offers were heard at $415/t CFR against buyer bids of $410-412/t CFR, while workable levels were indicated at $408-410/t CFR.

Bangladesh: Imported ferrous scrap buying remained subdued as mills maintained cautious procurement. Australia/New Zealand-origin HMS 90:10 offers eased to $365/t CFR Chattogram from $375/t last week, against buyer bids near $360/t CFR. UK-origin shredded scrap was heard around $395/t CFR, while HMS 80:20 was offered at $375-380/t CFR. The softer sentiment followed a sharp decline in Japan’s Kanto H2 export tender, where the average successful bid fell JPY 3,422/t m-o-m to JPY 49,086/t FAS.

Turkiye: Imported deep-sea ferrous scrap market remained largely stable d-o-d, with buying interest subdued as weak rebar sales and slow downstream activity during the summer kept mills cautious. However, persistent tightness in European scrap supply, exacerbated by low water levels on the Rhine River disrupting German exports, continued to support prices, with tradable US-origin HMS 80:20 heard at $375-376/t CFR.