- Bangladesh scrap bookings stayed limited due to LC constraints
- Pakistan market remained slow amid cautious buying sentiment
South Asian imported scrap markets remained weak on 22 May amid cautious buying sentiment, LC constraints, and poor import viability, while Turkiye’s deep-sea scrap market softened slightly as mills avoided aggressive bookings and overall trading activity stayed limited.
India: Imported scrap market remained weak d-o-d, with buyers largely staying away from fresh bookings as prevailing offer levels continued exceeding workable buying indications. Market participants noted that sluggish downstream steel demand and poor import viability kept overall sentiment subdued, while bids remained lower amid limited buying interest.
Offers for LMS bundles were heard around $335/t CFR, while Africa-origin HMS 80:20 casting mix offers stood near $370/t CFR. UK-origin shredded scrap (1% impurities) offers were heard at around $395/t CFR, UK-origin HMS (3% impurities) at $360-365/t CFR, and UK-origin HMS (1% impurities) at $365-370/t CFR. West Africa-origin HMS 80:20 offers were heard around $365/t CFR, while US-origin HMS 80:20 was offered at around $380/t CFR Chennai.
Pakistan:Pakistan’s imported scrap market remained slow d-o-d, with shredded scrap offers largely heard at $420-423/t CFR Qasim amid cautious buying sentiment. Market participants reported Malaysia-origin LMS bundle offers at around $355/t CFR Qasim, HMS bundle offers at $380-385/t CFR Qasim, and busheling offers at $425-430/t CFR Qasim. Meanwhile, UAE-origin PNS offers were heard at $430-435/t CFR Qasim, with market sources noting that UAE suppliers had started actively offering material into Pakistan again.
Bangladesh: Imported scrap market remained subdued amid cautious buying sentiment and limited fresh procurement activity. Market participants noted that imported scrap bookings continued facing pressure due to LC constraints, while UK-origin shredded scrap offers were heard at $415-416/t CFR and HMS 80:20 offers stood around $389/t CFR Bangladesh.
Turkiye: Deep-sea imported scrap prices softened slightly d-o-d on 21 May, with HMS 80:20 prices assessed around $411/t CFR Turkiye, down nearly $1/t amid muted mill buying interest and limited fresh offers from US exporters. Market participants noted that trading activity remained slow toward the week’s end, as US sellers continued prioritising their domestic market and alternative export destinations, while the weaker EUR/USD exchange rate added pressure on European-origin scrap offer levels into Turkiye.
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