South Asia: Imported scrap buyers remain cautious; Turkish market sentiment firm

• India's scrap buying subdued amid unworkable offer levels
  
  
• Turkish scrap sentiment supported by limited US cargoes
  
  

South Asian imported scrap markets remained mixed on 8 May, with subdued buying and persistent bid-offer gaps in India, steady sentiment in Bangladesh, and firm selective trading in Pakistan, while Turkiyes deep-sea scrap market stayed supported by limited US-origin cargo availability.

India: Imported scrap prices remained subdued d-o-d, with buyers largely staying away from fresh bookings as prevailing offer levels continued to remain unworkable. Market participants indicated that weak steel demand, poor mill margins and preference for domestic scrap kept buying interest limited, resulting in a persistent bid-offer gap across most grades.

Brazil-origin HMS offers were heard around $375/t CFR against Indian bids near $365/t, while Canada-origin HMS was indicated at $385/t CFR with buyers again near $365/t. US-origin turnings were offered at $360/t CFR Chennai, though workable bids were lower at $337-340/t CFR. Meanwhile, Somalia-origin HMS 80:20 was heard at $355-360/t CFR, UK-origin HMS at $350-370/t depending on impurity levels, and UK-origin shredded near $395/t CFR. West Africa-origin HMS 80:20 offers were indicated at $370-375/t CFR depending on cast iron content.

Pakistan: Pakistan's imported scrap market remained firm d-o-d, with selective deals supporting sentiment despite buyers closely monitoring lower-priced offers. A Malaysia-origin LMS bundles cargo of 1,000 t was heard sold at $365/t CFR Qasim, while UK-origin shredded scrap offers were indicated around $426-428/t CFR amid continued cautious buying interest.

Bangladesh: Bangladesh's imported scrap market remained largely stable, although trading participation continued to weaken despite ongoing buying interest. UK-origin HMS offers to Chattogram were heard at $390-400/t CFR, while shredded scrap offers were indicated near $410/t CFR.

Turkiye: Deep-sea imported scrap market remained firm d-o-d on 8 May, with premium HMS 80:20 assessed around $412/t CFR and tradable values at $410-416/t CFR. UK HMS 80:20 dock levels were indicated at EUR 300-310/t, while limited US-origin cargo availability continued supporting sentiment despite weak rebar demand and pressured mill margins.