South Asia: Imported scrap trade remains subdued; Pakistan shows weak buying appetite

• India: Freight disruptions lead to cautious sentiment
• Turkiye: Limited US cargoes available in market

South Asian imported ferrous scrap markets remained subdued on 10 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 weak steel demand and poor import viability continued to limit buying interest. Container and vessel availability remained tight due to disruptions linked to the Strait of Hormuz and ongoing geopolitical conflicts, keeping freight conditions firm. An Israel-origin turning scrap deal was heard at $295/t CFR Chennai.

Offer indications included North-origin HMS at $330-340/t, LMS bundles at $280/t, turnings at $290/t and UK-origin HMS 80:20 at $330/t. UK-origin shredded scrap was offered at $375-380/t, while buyers indicated workable levels below $370/t, with bids around $350-360/t.

Pakistan: Imported shredded scrap market remained slow, with buyers maintaining a cautious approach amid weak steel demand. A UK-origin deal was heard at $390-392/t CFR Qasim, while offers continued at $390-395/t CFR and bids at $385-390/t CFR.

Bangladesh: Imported ferrous scrap trading remained subdued as mills continued cautious procurement amid weak steel demand, high electricity costs and squeezed margins. Local scrap prices were heard at BDT 52,000-53,000/t ($422-430/t), while offer indications stood 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 10 July as limited US-origin offers and the absence of fresh premium cargo deals continued to cloud price direction. Trading remained concentrated in lower-priced non-premium cargoes, keeping market sentiment mixed.

Mills remained cautious amid weak finished steel demand, while tradable values for US-origin HMS 80:20 were heard at $370-373/t CFR. Participants remained divided on near-term price direction due to limited premium-origin activity.