South Asia: Imported scrap markets remain slow; Pakistan slows ahead of Eid holidays

• Pakistan Eid holidays continued limiting fresh scrap bookings
• Bangladesh weak construction activity pressured imported scrap demand

South Asian imported scrap markets remained subdued on 20 May amid weak steel demand, a weak rupee, and cautious holiday-linked buying, while Turkiye’s deep-sea scrap market stayed largely stable as mills delayed aggressive bookings due to weak rebar demand and squeezed margins.

India: India’s imported scrap market remained weak d-o-d on 19 May, as sluggish downstream steel demand and unfavorable exchange rates continued making imports increasingly unviable for buyers. UK-origin shredded scrap offers were largely heard at $410-415/t CFR, while UK-origin HMS offers stood around $375/t CFR. Meanwhile, Malaysia-origin turnings were heard sold at $340/t CFR Chennai.

Pakistan: Imported scrap market remained slow d-o-d, with buyers limiting fresh bookings ahead of the extended Eid-ul-Adha holidays. Market participants expected business activity to remain subdued, while local scrap prices were heard around PKR 145,000-150,000/t ($521-539/t).
Meanwhile, UK-origin shredded scrap was heard sold at $422/t CFR Qasim for 1,000 t, while Far East-origin HMS bundles and LMS bundles were sold at $405/t CFR Qasim for 500 t and $360/t CFR Qasim for 1,000 t, respectively.

Bangladesh: Bangladesh’s imported scrap market remained subdued amid weak steel demand and sluggish construction activity, with market participants noting no visible improvement due to the continuing war situation. Fuel prices were heard around BDT 130/litre, while UK-origin shredded scrap offers were heard at $415-416/t CFR and HMS 80:20 offers at around $388/t CFR. Meanwhile, 500 t of Philippines-origin GI bundles were heard sold at $345/t CFR Bangladesh.

Turkiye: Deep-sea imported scrap market remained largely stable d-o-d on 20 May, although trading activity stayed subdued amid the national holiday in Turkiye and continued weak buying interest from mills. HMS 80:20 prices were assessed at around $412.5/t CFR Turkiye, while mills largely stayed away from aggressive bookings due to soft rebar demand and squeezed profit margins.

Market participants noted that recyclers increasingly avoided quoting firm offers and instead invited bids, as sentiment gradually softened and Turkish mills showed limited appetite for fresh cargoes. However, some participants expect buying activity to gradually return later this week as mills continue requiring June-shipment scrap cargoes ahead of the upcoming Eid al-Adha holidays.