South Asia: Imported scrap buying remains cautious; Turkish mills seek lower prices amid weak rebar demand

• Indian buying stays subdued amid poor import viability
  
  
• Pakistan, Bangladesh remain muted post Muhurram holidays
  
  

South Asian imported ferrous scrap markets remained subdued on 29 June, as weak steel demand, poor import viability, and cautious mill procurement continued to limit buying activity. In Turkiye, deep-sea scrap prices remained under pressure amid weak rebar demand, poor mill margins, and bearish market sentiment.

India: The imported ferrous scrap market remained subdued on 29 June as mills continued need-based procurement amid weak steel demand, poor import viability, and a weak rupee. According to a trader, "stagnant downstream demand and the weak rupee have discouraged fresh import bookings, limiting buying activity." Offer indications were heard at $325-330/t CFR for UK-origin HMS 80:20, $380-385/t CFR for UK-origin shredded scrap, $330-335/t CFR for Africa-origin HMS 80:20, and $295-305/t CFR for MS turnings.

A deal for US-origin turnings was reported at $310/t CFR Nhava Sheva, with 2% off-grade and moisture (O&M) allowance. Market sentiment remained cautious, with containerised shredded scrap prices largely unchanged despite persistently weak buying interest.

Pakistan: The imported shredded scrap market remained under pressure, with a UK/EU-origin shredded scrap deal concluded at $402/t CFR Qasim, while fresh offers were heard around $405/t CFR. Trading remained muted during the Muharram holiday, but with the market reopening today, participants expect clearer price direction and buying activity over the coming sessions.

Bangladesh: The imported scrap market remained under pressure as weak sentiment kept buying activity limited, with buyers continuing to target lower workable levels. A Brazil-origin containerised HMS 80:20 offer at $365/t CFR Chittagong, while UK-origin HMS 80:20 was offered at around $365/t CFR and UK-origin shredded scrap at $405/t CFR. Bid, however, were below these offer levels, and trading was further subdued due to the Muharram holiday.

Turkiye: Deep-sea imported scrap prices remained under pressure on 29 June as weak rebar demand and poor mill margins kept Turkish mills cautious. Workable levels were heard at $370-375/t CFR for Europe- and Baltic-origin HMS 80:20 and up to $380/t CFR for US-origin material, while lower-priced EU-origin deals reinforced bearish sentiment. With US and Baltic suppliers largely adopting a wait-and-watch approach, participants continued to expect further downside amid the seasonal slowdown in trading.