South Asia: Imported scrap markets remain cautious; Pakistan maintains buying interest

• Indian buyers resisted elevated imported scrap offer levels
• Bangladesh imported scrap buying activity remained slow and cautious

South Asian and Turkish imported scrap markets remained subdued on 18 May 2026 amid weak steel demand, cautious buying sentiment, currency pressure, and elevated offer levels, while mills largely restricted purchases to immediate requirements.

India: India’s imported scrap market remained weak d-o-d, with buying interest continuing to stay subdued amid sluggish downstream steel demand and severe currency pressure. Market participants noted that Indian buyers were largely workable at $355-360/t CFR Chennai for hand-loaded HMS, while most suppliers continued targeting higher levels near $380/t CFR, keeping fresh deal activity limited.

Malaysia-origin HMS 80:20 deals were heard concluded at $350/t CFR Chennai for around 500 t, while Sri Lanka-origin HMS 80:20 was also sold at similar levels for 200 t. Meanwhile, Singapore-origin HMS 80:20 offers were heard at $370/t CFR Chennai, Costa Rica-origin HMS 60:40 at $345-350/t CFR, and Brazil-origin HMS 80:20 at $380-385/t CFR. Market participants added that the weak rupee continued making shredded scrap imports increasingly unviable for Indian buyers.

Pakistan: Imported scrap market remained slow d-o-d as cautious buying sentiment and weak market conditions continued limiting activity. Containerised shredded scrap offers were heard at $420-425/t CFR Port Qasim, while bids remained lower near $415/t CFR. Meanwhile, Pakistan was also heard buying Malaysia-origin HMS 80:20 at around $380/t CFR.

Bangladesh: Imported scrap market remained slow d-o-d, with UK-origin shredded scrap offers heard at $415-416/t CFR, while Hong Kong-origin HMS 1 and PNS offers were reported at $410/t CFR and $425/t CFR, respectively. Meanwhile, Australia-origin HMS 1 offers were heard at around $412/t CFR.

Turkiye: Deep-sea imported scrap market remained largely steady d-o-d on 18 May, although trading activity stayed subdued amid weak domestic rebar sales and sluggish downstream steel demand. Market participants noted that traders remained cautious ahead of the upcoming Eid Al-Adha holidays and were reluctant to build inventories under slow market conditions.

Turkish mills continued facing pressure from elevated input costs, while rebar demand failed to improve despite the seasonal expectation of stronger May consumption. Offers above $410/t CFR received limited buying interest, although mills were still heard requiring additional June-shipment cargoes before the holiday period.