South Asia: Imported ferrous scrap demand subdued; Turkiye market holds steady

• Turkiye mills postpone bookings amid billet weakness
  
  
• Indian buyers resist fresh bookings despite availability
  
  

South Asia's ferrous scrap markets remained subdued on 11 June, as weak steel demand, cautious mill buying, and wide bid-offer gaps continued to limit trading activity across India, Pakistan, and Bangladesh. Meanwhile, Turkiye's deep-sea scrap market remained largely stable despite ongoing pressure from weak finished steel demand.

India: Imported scrap market remained subdued, with buying interest remaining limited amid weak steel demand and poor mill margins. Offer indications for UK-origin HMS were heard at $360/t CFR India for HMS 80:20 (3% impurities) and around $360/t CFR for bulk cargoes, while containerized HMS was offered near $340/t CFR. Market participants noted that buyers continued to resist higher prices, with bid levels heard around $345/t CFR for 1% impurities and $330/t CFR for 3% impurities, resulting in slow trading activity.

Pakistan: Imported ferrous scrap market remained subdued, with mills showing limited buying interest amid weak finished steel sales and cautious inventory management. Buyers remained reluctant to accept offers above $420/t CFR Qasim, while reported deals included UK-origin shredded scrap at $416/t CFR and Belgium-origin shredded scrap at $415/t CFR. Germany-origin shredded scrap was heard at $430/t CFR Qasim, with UK-origin offers around $417/t CFR. Market participants indicated workable levels near $415-416/t CFR, with stronger buying dependent on an improvement in finished steel sales.

Bangladesh: Imported scrap market remained quiet, with mills maintaining a cautious purchasing approach amid weak steel demand and a persistent bid-offer gap. Shredded scrap bids were heard around $410/t CFR Bangladesh, while offers remained higher at $420-425/t CFR for Australia-origin material and $425-430/t CFR for UK-origin shredded scrap. Meanwhile, domestic scrap prices strengthened to BDT 55,000-56,000/t ($448-456/t), providing some support to local market sentiment.

Turkiye: Deep-sea-imported scrap market remained largely stable at around $406/t CFR Turkiye on 11 June, with mills continuing to delay fresh purchases amid weak domestic and export finished steel demand. Sentiment remained cautious as domestic billet prices declined by a further $10/t following Kardemir's price cut, while weak rebar sales and pressured margins kept buyers on the sidelines. However, the need to secure July shipment cargoes may provide some near-term support to the market.