South Asia: Imported scrap trade remains slow as freight rises

• India: Rising freight lifts offers, mills maintain cautious buying
• Turkiye: Weak steel demand keeps deep-sea scrap market subdued

South Asia: Imported ferrous scrap markets remained largely cautious on 14 July as higher freight costs, weak steel demand and cautious mill procurement limited trading activity. Meanwhile, Turkiye’s deep-sea scrap market stayed stable, although expectations of further price corrections continued to weigh on sentiment.

India: Imported ferrous scrap prices edged up slightly amid renewed geopolitical tensions in the Middle East, which pushed freight rates higher and tightened vessel availability. UK-origin shredded scrap offers increased to $395-398/t CFR West Coast India against buyer bids at $392/t CFR, while Australian HMS and shredded scrap were heard at around $330/t CFR and $375/t CFR, respectively. Trading activity remained cautious.

Pakistan: Imported shredded scrap trading remained stable on 14 July as mills maintained need-based procurement amid steady domestic demand. Deals for UK/EU-origin shredded scrap were concluded at $390-392/t CFR Qasim, while offers remained stable at $392-395/t CFR. Local scrap prices were heard at PKR 146,000-150,000/t, with trading activity remaining largely balanced.

Bangladesh: Imported ferrous scrap trading remained subdued as mills maintained cautious procurement despite expectations of firmer prices driven by higher freight costs. Singapore-origin PNS was offered at $415-420/t CFR Chattogram against buyer bids near $390/t, while UK-origin shredded scrap was heard at $398-400/t CFR and HMS at $335-340/t CFR, with trading activity remaining limited.

Turkiye: Deep-sea imported ferrous scrap market remained largely stable on 14 July as trading activity stayed subdued, with weak finished steel demand and cautious mill procurement continuing to limit fresh bookings. Market sentiment remained mixed, with some participants expecting further price corrections.

Tradable values for US-origin HMS 80:20 were heard at $370-372/t CFR, while some traders expected the next US-origin deal to be concluded at $368-369/t CFR, reflecting cautious buying interest and expectations of a softer market.