South Asia: Imported ferrous scrap demand weakens; India buyers stay on sidelines

• Turkiye: Comfortable inventories reduce immediate procurement needs
  
  
• Bangladesh: Domestic scrap preference curbs import demand
  
  

South Asian imported scrap markets remained subdued on 9 June, with weak steel demand, cautious buying sentiment, and wide bid-offer gaps limiting trading activity across India, Pakistan, and Bangladesh. Meanwhile, Trkiye's deep-sea scrap market stayed largely stable, supported by adequate mill inventories and limited spot trading.

India: The imported ferrous scrap market remained under pressure d-o-d, with buying activity staying limited amid weak steel demand and cautious sentiment. Market participants noted that most consumers remained on the sidelines, as the gap between seller expectations and buyer bids continued to restrict deal-making. A trader commented that there was little buying interest in the market, while suppliers continued to push offers at levels not supported by current demand.

Despite the subdued sentiment, a few spot transactions were reported, including Brazil-origin HMS 80:20 (2% impurities) at $325/t CFR Mundra, UK-origin shredded scrap at $405/t CFR Mundra, and Malaysia-origin turnings at $340/t CFR Chennai. Market sources indicated workable levels for UK-origin HMS at around $355/t CFR, although bids remained lower at $340-345/t CFR, reflecting persistent buyer resistance and expectations of further price corrections.

Pakistan: Imported ferrous scrap market remained subdued, with trading activity staying slow amid weak buying interest and a wide gap between bids and offers. Domestic scrap prices were reported at PKR 155,000-160,000/t. UK/EU-origin shredded scrap offers were heard at around $425/t CFR Qasim, but no deals were reported at these levels. Market participants indicated bids remained below $415/t CFR, with workable levels heard at $415-416/t CFR.

Bangladesh: The imported scrap market remained subdued, with mills favoring domestic scrap over imports. Offers were heard at $410-415/t CFR for UK-origin shredded scrap and $380-385/t CFR for HMS 80:20 CFR Chattogram, while buying interest remained limited and no major bookings were reported.

Turkiye: Deep-sea scrap market remained largely stable on 9 June, with limited trading activity as mills maintained comfortable inventories and suppliers resisted lowering offers. Market sentiment remained cautious amid the ongoing bid-offer gap, with US-origin HMS 80:20 offers heard at $408-410/t CFR and Baltic-origin material at $405-407/t CFR. While some participants expected demand to improve in the near term, overall trading activity remained subdued.