South Asia: Imported scrap trading shows mixed picture; Turkiye market stable amid limited demand

• Pakistan’s shredded scrap demand outperforms regional buying sentiment
• Trading in India, Bangladesh subdued; Turkish prices remain stable

Imported ferrous scrap sentiment in South Asian markets remained mixed, with India and Bangladesh witnessing subdued buying due to weak steel demand, while Pakistan recorded firmer shredded scrap trading. Meanwhile, Turkiye’s deep-sea scrap market remained stable amid limited buying interest.

India: Imported ferrous scrap trading in India remained subdued as domestic scrap continued to meet mills’ requirements, making imports largely unviable. Most consumers held sufficient inventories, limiting fresh bookings, although the recent rise in crude oil prices has started to lift freight costs, offering some support to imported scrap prices.

UK-origin shredded was offered at $390-395/t CFR, while US-origin shredded was heard at $395-400/t CFR. HMS offers stood at $335-340/t CFR against buyers’ bids of $325-330/t CFR. Meanwhile, Australia-origin HMS was indicative at around $320/t CFR Chennai, with shredded scrap heard at $360-365/t CFR Chennai. Current freight form US to India indications were around $1,300-1,400 per container.

Pakistan: Imported shredded scrap trading in Pakistan strengthened, supported by firm domestic demand and improving buying interest. A UK-origin 1,000 t shredded cargo was heard sold at $400/t CFR Qasim, while UK suppliers continued to seek around $410/t CFR. Pakistani buyers’ bids remained near $400/t CFR, with good-quality domestic scrap trading at PKR 150,000-153,000/t.

Bangladesh: Imported ferrous scrap market remained slow, as weak steel consumption continued to discourage fresh buying. Buyers largely stayed on the sidelines, with only a few cargoes changing hands at softer price levels. Australia-origin HMS was offered at $360-365/t CFR Chattogram, with one cargo heard sold at around $360/t CFR. Meanwhile, bids for UK/Australia-origin shredded scrap were reported at $375-380/t CFR against a UK-origin offer of $385/t CFR.

Turkiye: Deep-sea imported scrap prices remained largely stable, with trading activity subdued as weak finished steel demand and the summer holiday season continued to dampen buying interest. Most mills stayed on the sidelines, resulting in limited fresh bookings.

Offers for Baltic-origin HMS 80:20 were heard at $362-363/t CFR, while firm US-origin offers remained scarce due to elevated ocean freight rates. Market participants expect buying activity to remain muted until steel demand improves.