South Asia: Imported scrap markets subdued; sentiment remains cautious in Turkiye

• Turkish mills resist higher imported scrap prices
  
  
• Billet weakness puts pressure on Bangladesh steel market
  
  

Imported scrap markets across South Asia remained subdued on 6 May amid weak steel demand, currency pressure, and preference for lower-priced cargoes. India focused on African-origin material, Pakistan saw selective bookings despite softer shredded prices, while Bangladesh was stable under billet pressure. Turkiye's deep-sea scrap market remained stable, with mills resisting higher prices amid weak downstream demand.

India: The imported scrap market remained subdued, with limited buying interest as buyers continued to focus on low-priced cargoes. Around 1,000 t of Somalia-origin HMS 80:20 was booked at $365/t CFR Mundra. Additionally, 500 t of Gabon-origin HMS, including cast iron mix, was heard booked at $365/t CFR Nhava Sheva. Separately, 500 t of Africa-origin LMS was sold at $320/t CFR Mundra against packing list terms. Overall market sentiment remained cautious amid weak demand and preference for competitively priced material.

Pakistan: The imported scrap market remained range-bound despite firmer offers, with market participants closely monitoring lower-priced offers. Shredded scrap offers were heard at $425-430/t CFR, while NTP deals were indicated at $425-427/t CFR Qasim. Around 500 t and 2,000 t of UK/EU-origin NTP were sold within this range to Port Qasim.

Malaysia-origin busheling, in volumes of 500-1,000 t, was booked at $443/t CFR Karachi. Separately, 1,000 t of UK-origin shredded scrap was sold at $428/t CFR Qasim, although fresh indications suggested UK shredded prices softened from $430/t to around $420/t CFR, reflecting cautious buying sentiment.

Bangladesh: Imported scrap prices remained largely steady, with offer levels to Chattogram heard at $390-400/t CFR for HMS. Shredded scrap offers were indicated at around $410/t CFR, while PNS was heard at around $430/t CFR.

Meanwhile, Bangladeshs domestic steel market remained under pressure as billet prices weakened due to higher production levels and slow seasonal demand during the ongoing rainy period, keeping buying sentiment cautious.

Turkiye: Deep-sea imported scrap prices inched up d-o-d, with muted trading activity reported at the start of the week. No fresh firm bids or offers were heard in the market, as participants awaited new bookings for June-shipment cargoes to gauge near-term price direction.

US-origin HMS 80:20 tradable values were indicated at $411-412/t CFR. Meanwhile, firm freight rates from both the US East Coast and Europe continued to provide support to scrap prices. However, Turkish mills remained resistant to higher offers amid weak downstream demand in both domestic and export rebar markets, keeping overall sentiment cautious.