South Asia: Imported scrap trade remains unviable; Turkiye market sentiment subdued

• India: Bid-offer gap keeps containerised scrap buying subdued
• Bangladesh: Buyers resist higher offers despite firm freights

South Asian imported ferrous scrap markets remained cautious on 15 July as higher offer prices, freight pressure and weak import viability continued to restrict buying activity in India, Pakistan and Bangladesh. Meanwhile, Turkiye’s deep-sea scrap market remained stable amid subdued demand and limited trading.

India: Imported ferrous scrap prices edged up slightly on 15 July amid renewed geopolitical tensions and higher freight costs. UK-origin shredded scrap was offered at $395/t CFR West Coast India against buyer bids at $390/t CFR, while UK-origin HMS was heard offered at $335/t CFR. However, buying activity remained largely stalled due to the bid-offer gap and weak import viability.

A 500 t cargo of Costa Rica-origin HMS 60:40 was booked at $298/t CFR Chennai. No fresh bids, offers or trades were heard for containerised shredded scrap, as exporters continued to prioritise higher-priced markets such as Pakistan and Bangladesh over India.

Pakistan: Imported shredded scrap trading remained stable on 15 July as mills continued need-based procurement despite gradually firming import offers. Deals for UK/EU-origin shredded scrap were heard at $390-392/t CFR Qasim, while fresh offers increased to $398-400/t CFR. Market participants noted that import prices have edged higher from recent levels, although buying activity remained limited.

Bangladesh: Imported ferrous scrap trading remained subdued as mills maintained cautious procurement, with buyers resisting higher offer levels despite firm freight costs. Bulk US-origin HMS 80:20 was offered at $400/t CFR Chattogram and Singapore-origin PNS at $420/t CFR against buyer expectations of $380/t and $400/t, respectively.

Trading activity remained limited, although deals were heard for of Malaysia-origin GI bundles at $325/t CFR Chattogram and of Brazil-origin HMS 80:20 at $345/t CFR. Meanwhile, UK-origin shredded scrap was heard at $398-400/t CFR and HMS at around $360/t CFR.

Turkiye: Deep-sea imported ferrous scrap prices remained stable on 15 July as trading activity stayed subdued, with weak finished steel demand and squeezed mill margins continuing to limit buying interest. US-origin HMS 80:20 was heard at $370-372/t CFR, while many US exporters remained reluctant to offer at prevailing price levels due to higher freight costs and compressed export margins. As a result, fresh deal activity remained limited, with cautious procurement keeping overall market sentiment subdued.