South Asian imported scrap booking activity remains limited amid poor demand

• Turkish mills bid lower amid weak rebar demand
• Pakistan & Bangladesh eid holidays continued slowing imported scrap market activity

South Asian imported scrap markets remained largely subdued on 28 May amid weak steel demand, poor import viability, and Eid holiday-related slowdown, while Turkish deep-sea scrap prices softened slightly as mills delayed fresh bookings ahead of the Eid al-Adha holidays.

India: Imported scrap market remained weak d-o-d, with buyers continuing to resist higher offer levels amid an unfavorable exchange rate, slow downstream steel sales, and poor import viability. Market participants noted that Chennai remained largely inactive with no major buying interest, while offer levels were still considered elevated for current workable market conditions. Australia-origin HMS offers were heard around $340/t CFR Chennai, while shredded scrap offers stood near $360/t CFR Chennai.

Meanwhile, trading activity remained relatively better in Mundra and Nhava Sheva, where selective deals continued at lower workable levels. HMS 80:20 offers for 25-26 t loadings were heard around $360/t CFR, while 20 t cargoes stood near $350-355/t CFR. Mozambique-origin HMS 80:20 cargoes were sold around $350/t CFR Mundra, while Yemen-origin LMS deals were heard concluded near $320/t CFR. Ready-stock shredded scrap was available around $380-385/t CFR, although fresh booking offers from the UK, US, and Europe remained higher near $410-415/t CFR India.

Pakistan and Bangladesh: Imported scrap markets remained largely inactive amid ongoing Eid holidays, with limited trading visibility and no major fresh market activity heard during the period. Price assessments for both markets were suspended on 28-29 May due to holiday-related slowdown and lack of workable market indications.

Turkiye: Deep-sea import scrap prices fell slightly on 28 May amid quieter trading activity ahead of the Eid al-Adha holidays. Turkish mills were reportedly bidding around $400-405/t CFR for US-origin HMS 80:20, while EU-origin bids were heard near $399-400/t CFR.

Meanwhile, sellers continued maintaining relatively firm offers, with US-origin HMS offers still heard around $415/t CFR. Market participants expect buying activity to recover after the holidays, potentially supporting near-term scrap prices.