South Asia: Imported scrap market sees little movement d-o-d

• Bangladeshi mills resist higher offers, US HMS remains most competitive
• Tight scrap supply in Turkiye keeps deep-sea prices broadly supported

South Asian imported ferrous scrap markets remained subdued on 4 August, with weak steel demand and wide bid-offer gaps keeping buying activity muted. Stable Turkish deep-sea prices continued to support regional offer levels despite limited trading.

India: Imported ferrous scrap trading remained subdued as weak finished steel demand and a wide bid-offer gap continued to limit buying activity. HMS 80:20 offers were heard at $330-335/t CFR against buyer bids of $305-310/t, while Africa-origin HMS was workable around $340/t CFR and EU-origin material near $325/t CFR.

Limited containerised deals were concluded during the day, including Southeast Asia-origin turnings and Central America-origin light HMS at $305-310/t CFR Chennai, while a ready-arrival Chile-origin HMS cargo was heard sold at $345/t CFR Mundra. Despite a slight improvement in enquiries, mills continued to restrict purchases to immediate requirements.

Pakistan: Imported ferrous scrap trading remained subdued as mills delayed fresh bookings amid weak finished steel demand and cautious buying sentiment. A UK-origin shredded scrap deal was heard concluded at $414/t CFR Port Qasim, while workable levels were indicated around $410/t CFR for shredded and $380/t CFR for HMS 80:20.

Domestic market fundamentals remained relatively firm, with scrap trading at PKR 150,000-152,000/t and billet at PKR 205,000-210,000/t. Meanwhile, Malaysian PNS cargoes were offered around $425/t CFR Karachi, while shredded scrap offers remained at $425-430/t CFR, keeping a wide bid-offer gap and limiting fresh transactions.

Bangladesh: Imported ferrous scrap buying remained subdued as mills resisted higher offers amid weak steel demand. The bid-offer gap persisted, with bulk HMS offered at $390-395/t CFR against bids near $385/t CFR. US-origin HMS remained the most competitive at around $380/t CFR, while Japanese H2 and Singapore-origin HMS continued to see limited buying interest.

Turkiye: Imported deep-sea ferrous scrap prices remained stable at the start of the week despite muted trading activity, as scrap supply remained tight. Tradable values for US-origin HMS 80:20 were heard at $375-377/t CFR, while Baltic- and EU-origin material was indicated at $373-375/t CFR and $370-371/t CFR, respectively. Although fresh deals remained limited, market participants expect prices to strengthen further in August amid tight scrap availability.