- Indian buyers hesitate to close deals amid operational pressures
- Turkish prices may fall amid soft steel demand, improving supply
South Asian imported scrap markets remained largely subdued on 26 May amid weak steel demand, Eid holiday slowdown, and cautious buying sentiment, while Turkish deep-sea scrap prices remained stable near $409-410/t CFR despite softer rebar demand and expectations of a slight near-term price correction.
India: The imported scrap market remained weak in India amid poor buying interest and volatile market conditions. Market participants noted workable levels for shredded scrap near $380/t CFR and HMS around $345-355/t CFR, while buyers largely stayed away from closing fresh trades due to operational pressure and a weak steel demand outlook for the coming quarter. LMS bundle offers were heard around $345/t CFR India.
Bulk US-origin HMS offers for India were indicated around $400-405/t CFR, although buyers were unwilling to pay above $370-380/t CFR. Market participants also noted bids for HMS near $345-350/t CFR for 25 t cargoes with 1-2% impurity levels. Meanwhile, UK-origin shredded scrap was heard near $385/t CFR, while UK-origin HMS 80:20 stood around $365/t CFR India.
Pakistan: The imported scrap market remained slow in Pakistan as Eid holidays began across the country, with domestic market activity expected to remain on hold for nearly 10 days. Market participants noted limited trading activity and no major fresh offers during the day, while workable shredded scrap indications remained around $415/t CFR. Meanwhile, Malaysia-origin LMS bundle offers were heard near $355/t CFR Pakistan, although overall booking activity remained largely inactive amid the holiday slowdown.
Bangladesh: The imported scrap market remained largely subdued amid ongoing Eid holidays and slower trading activity. Australia-origin HMS 80:20 offers were heard around $380/t CFR for 500 t cargoes, while imported shredded scrap offers stood near $405-410/t CFR and HMS around $380-385/t CFR Bangladesh.
Turkiye: Deep-sea import scrap prices remained largely stable, with Turkish mills targeting around $400-405/t CFR for US-origin HMS 80:20 amid weak local rebar sales and cautious buying sentiment. Market participants expect Turkish scrap prices, currently around $409-410/t CFR, to soften slightly over the next two weeks due to subdued steel demand, although mills are still expected to secure several June-shipment cargoes. Meanwhile, the number of offers has increased in recent days, indicating rising supply, although sellers continued maintaining firm price indications.
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