- Turkiye: Weak steel exports continue to pressure deep-sea scrap.
- Bangladesh: Buyers await lower prices amid weak market sentiment.
South Asia: Imported ferrous scrap markets remained subdued on 2 July, with weak steel demand and cautious buying limiting fresh bookings across India, Pakistan and Bangladesh. Meanwhile, Turkish deep-sea scrap prices stayed under pressure amid bearish market sentiment.
India: Imported ferrous scrap market remained subdued, with buying activity limited as weak demand, better domestic scrap availability and higher July freight rates continued to weigh on fresh import bookings. UK-origin shredded scrap was offered at around $390/t CFR, with buyers remaining $15-20/t below these levels. US-origin HMS 80:20 was heard at $335-340/t CFR, UK-origin HMS at $335/t CFR, while Australia-origin HMS and shredded scrap were offered at $330/t CFR and $360/t CFR Chennai, respectively.
Pakistan: The imported shredded scrap market remained subdued, with buying activity restricted to immediate requirements amid weak steel demand. Buyers indicated workable levels at around $395/t CFR against offers of $400/t CFR for UK-origin shredded scrap. Meanwhile, Malaysia sold 176 t (8 containers) each of CRC bundles at $417/t CFR and NTP bundles at $418/t CFR, reflecting limited containerised trade.
Bangladesh: Imported ferrous scrap market remained under pressure, with buyers maintaining a wait-and-watch approach amid weak steel demand and falling global scrap prices. Workable levels were heard at around $370/t CFR for HMS and $390/t CFR for shredded scrap, while fresh bookings remained limited.
A deal for UK-origin shredded scrap was reported at $400/t CFR Bangladesh. Offer indications included Latin America-origin HMS 1 at $385/t CFR against bids at $370/t CFR, UK-origin HMS at $375/t CFR against bids at $365/t CFR, and a firm offer for 500 t of Philippines-origin GI bundles at $340/t CFR, down from $345/t CFR previously.
Turkiye: Deep-sea imported scrap prices remained under pressure as weak export steel demand and limited buying activity continued to weigh on sentiment. Reduced EU HRC import quotas from 1 July further dampened export prospects, reinforcing expectations of softer scrap prices.
Trading activity remained quiet, with limited offers from US and Baltic suppliers. Tradable values for US-origin HMS 80:20 were reported at $375-386/t CFR, while bids for EU-origin HMS 80:20 were heard at $365/t CFR. Reported deals included, Finland to Turkiye at $372/t CFR, and UK to Icdas at $369/t CFR, indicating continued downward pressure on workable levels.
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