South Asia: Imported scrap trade remains lacklustre; Turkiye sentiment mixed

• High power costs, poor mill margins slow trade in Bangladesh
• Weak import economics discourage fresh bookings from India

South Asian imported ferrous scrap markets remained subdued on 9 July as weak steel demand and cautious mill procurement limited buying across India, Pakistan, and Bangladesh. Meanwhile, Turkiye’s deep-sea scrap market stayed under pressure amid limited premium-origin activity and mixed sentiment.

India: Imported ferrous scrap trading remained subdued as mills continued need-based procurement amid weak steel demand and poor import economics. Buying interest for containerised shredded scrap remained negligible, with workable prices heard $5-10/t lower than last week.

Europe-origin HMS was heard workable at $320-325/t CFR, while shredded scrap was indicated at $350-355/t CFR. An Africa-origin HMS deal was heard at $341/t CFR, which is above current levels, while Europe-origin shredded scrap offers were reported around $382/t CFR, above buyers’ workable level of $370/t CFR.

Pakistan: Imported shredded scrap buying remained subdued, with mills continuing need-based procurement amid weak steel demand. A UK-origin shredded scrap deal was concluded at $390/t CFR Qasim, while offers were heard at $390-395/t CFR and buyer indications remained at $385-390/t CFR.

Bangladesh: Imported ferrous scrap buying remained subdued as weak steel demand, high electricity costs, and poor mill margins continued to weigh on sentiment. Mills remained reluctant to accept higher offers.

Offer indications were heard at $362-366/t CFR for UK-origin HMS, $394-400/t CFR for UK-origin shredded scrap, $380-385/t CFR for Japanese H2 bulk scrap and $388-395/t CFR for US-origin HMS bulk scrap.

Turkiye: The deep-sea imported ferrous scrap market remained under pressure on 9 July as limited US-origin offers and the absence of fresh premium cargo deals kept participants uncertain over near-term price direction. Trading activity remained focused on lower-priced non-premium cargoes.

Mills continued to resist higher offers amid weak finished steel demand, while tradable values for US-origin HMS 80:20 were heard around $370-373/t CFR. Market sentiment remained mixed, with participants divided on whether prices had reached a floor.