- Limited activity with selective booking interest
- India market subdued, no fresh UK offers
South Asia’s imported scrap markets remained cautious on 5 May, with prices largely stable but demand staying weak across key regions. Activity remained limited, with India subdued, Pakistan relatively firm on steady deals, and Bangladesh stable with selective buying. Meanwhile, Turkiye’s market faced slight downward pressure amid soft rebar demand.
India: The imported scrap market remained subdued d-o-d, with no fresh offers reported from the UK. Market activity stayed limited, with participants focusing on previously booked cargoes. Around 250 containers (5,500-6,000 t) of UK-origin HMS 60:40 were booked three months ago at $315-320/t, of which 130 containers have already arrived, while the remaining are expected next week.
Offers from Australia for HMS 80:20 were heard at $380-390/t. Limited offers were seen from Africa, as rising domestic consumption due to new steel plant capacity has reduced export availability. Africa-origin HMS 80:20 was heard at $375-380/t, EU-origin HMS at $380-385/t, and shredded scrap around $415/t, with overall buying interest remaining weak.
Pakistan: Imported scrap prices remained firm despite slow market sentiment, supported by steady deal flow. Malaysia-origin busheling (500 t) was sold to Port Qasim at $430/t, while PNS (250 t) was concluded at $412/t CFR Karachi.
Multiple deals for UK-origin shredded scrap were reported, with three cargoes of 1,000 t each concluded at $425-427/t CFR Qasim. Major offers from the UK and Europe were heard at $420-422/t, indicating stable pricing levels, although overall buying activity remained cautious.
Bangladesh: Imported scrap prices in Bangladesh remained largely stable, with offer levels to Chattogram being heard at $400-405/t for Brazil-origin HMS 80:20.
Hong Kong-origin AB bundles were around $410/t, while PNS was heard at $425-430/t. Market activity remained cautious, with buyers showing resistance to higher offers and focusing on selective bookings amid stable sentiment.
Turkiye: Deep-sea imported scrap prices remained largely stable d-o-d, with a slight downward bias as import demand softened. US-origin HMS 80:20 offers were heard at $412-415/t CFR, with some buying interest emerging toward the end of the week, although mills largely maintained a wait-and-watch stance.
Overall sentiment remained weak, as mills resisted higher prices amid subdued rebar demand and reduced trading activity due to public holidays in Turkiye and Europe. The market stayed cautious, with a softer price trend despite some improvement in deal flow.
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