South Asia: Imported ferrous scrap trade remains subdued; Bangladesh tariff concerns mount

• Turkiye: Weak rebar sales weigh on scrap prices
  
  
• Bangladesh: High costs continue to pressure demand
  
  

Imported scrap sentiment remained weak across the region as Indian buyers stayed sidelined, Pakistan targeted lower prices, and Bangladesh mills faced severe cost pressures. Meanwhile, Turkish scrap prices remained under pressure amid weak steel demand and sluggish rebar sales.

India: The imported ferrous scrap market remained quiet, with buyers showing little urgency to book cargoes amid comfortable domestic scrap availability and weak buying sentiment. Market participants indicated that mills were largely evaluating offers but remained cautious on fresh commitments.

A deal for 500 t of UK-origin MS turnings was reported at $317/t CFR Nhava Sheva, while negotiations were ongoing for Brazil-origin HMS 80:20 at $335-340/t CFR West Coast India. Other offers were heard at around $340/t CFR for Africa-origin HMS 80:20, $343-355/t CFR for UK-origin HMS, and $385-390/t CFR for UK-origin shredded scrap

Pakistan: Imported shredded scrap sentiment softened further, with buyers targeting lower price levels amid cautious procurement. A Malaysia-origin shredded deal was reported at $430/t CFR Karachi, while UK/EU-origin shredded scrap offers were heard at $410-415/t CFR amid weakening buying interest.

Bangladesh: The imported scrap market remained weak, with buyer interest continuing to soften amid poor steel demand and mounting cost pressures. Market participants noted that most steel mills are operating at below 50% capacity, increasing overheads, financing expenses, and fixed costs, which have further weighed on procurement activity.

Imported shredded scrap buying interest was heard at around $400/t CFR, while HMS indications were at $375-380/t CFR, with buyers targeting sub-$375/t CFR levels for Brazil-origin and other HMS cargoes. UK-origin shredded scrap was offered at $407-410/t CFR, UK/EU-origin PNS at $420/t CFR, US-origin containerised HMS 80:20 at $375-380/t CFR, and Australia-origin shredded scrap above $400/t CFR.

Turkiye: Deep-sea imported scrap prices remained soft on 17 June, with limited deal activity and continued pressure from Turkish mills amid weak finished steel demand. Market participants noted that mills continued to seek lower scrap prices as rebar sales remained sluggish.

Market sentiment was mixed, with a few premium-origin transactions reported and US suppliers largely focused on domestic sales. Tradable values for US-origin HMS 80:20 were heard at $385-398/t CFR, while participants remained uncertain about the market's near-term direction.