South Asia: Imported scrap prices under pressure; Turkish market weakens further

• India: Need-based buying keeps import activity subdued
  
  
• Bangladesh: Weak demand limits fresh scrap bookings
  
  

South Asia's imported scrap market sentiment remained subdued across India, Pakistan and Bangladesh amid cautious buying and weak steel demand. Turkish deep-sea scrap prices also stayed under pressure, with limited procurement and softer seasonal demand weighing on regional trade activity.

India: Imported ferrous scrap market remained subdued, with buying activity limited as most mills found prevailing offer levels unviable amid weak steel demand and poor import economics. Buying was largely restricted to immediate requirements, while domestic scrap continued to remain the preferred raw material.

Deal indications included UK-origin shredded scrap at $401/t CFR Chennai and Singapore-origin LMS at $300-310/t CFR Chennai for July arrival. Offer indications were heard at $325-330/t CFR for UK-origin HMS, $380-385/t CFR for UK-origin shredded scrap, $350-355/t CFR for Australia-origin HMS, $370-380/t CFR for Australia-origin shredded scrap, $305/t CFR for LMS bundles, $30/t CFR for MS turnings, and $385-386/t CFR for Europe-origin HMS 80:20 (1.5% impurities).

Pakistan:Imported shredded scrap prices remained under pressure, with buyers adopting a wait-and-watch approach amid sufficient offer availability. UK-origin shredded scrap was heard at $410-415/t CFR Qasim, while offers were indicated around $413/t CFR. Market participants reported a decline of around $5/t from the previous week as buyers pushed for lower workable levels.

Bangladesh: The imported scrap market softened, with buying activity remaining limited as buyers continued to seek lower workable levels. Offer indications were heard at $365-370/t CFR for UK-origin HMS 80:20, $405-408/t CFR for UK-origin shredded scrap, and $380/t CFR for Australia-origin HMS 80:20 against bids at $365/t CFR. Meanwhile, domestic scrap prices were reported at BDT 52,000-55,000/t ($423-447/t), supporting buyers' cautious procurement strategy.

Turkiye: Deep-sea imported scrap prices remained subdued on 25 June, with buying activity staying limited as mills continued to monitor market direction amid weak finished steel demand. Tradable values for US-origin HMS 80:20 were reported at $383-386/t CFR Turkiye. While some participants expected prices to soften further as seasonal demand remained weak, others believed downside could be limited given mills' poor finished steel sales and compressed margins.