South Asia: Imported scrap sentiments remain weak; India market slows on oil-driven concerns

• Indian scrap buying subdued amid weak rupee pressure
  
  
• Turkish scrap sentiment steady despite buyer resistance
  
  

South Asian imported scrap markets remained cautious on 11 May, with subdued buying in India and Bangladesh, stable trading in Pakistan, and steady Turkish deep-sea sentiment amid firm offers, narrowing scrap-rebar spreads and continued buyer resistance to higher prices.

India: Imported containerised scrap market remained subdued d-o-d, with shredded scrap prices largely unchanged amid weak buying interest and currency pressure. Costa Rica-origin HMS 60:40 offers were heard at $350-352/t CFR Chennai, while imported HMS 80:20 offers and bids for Nhava Sheva were indicated at $385/t CFR and $360/t CFR, respectively. Market participants noted that a weaker rupee and concerns over potential disruption following the PM's appeal to reduce imported oil dependence continued making shredded scrap imports expensive for Indian buyers, keeping overall sentiment cautious.

Pakistan: Imported scrap market remained stable d-o-d, with trading activity continuing at steady levels following active buying seen last week. Two UK-origin shredded scrap deals of 500 t each were heard concluded at $425/t CFR Qasim and $427/t CFR Qasim, respectively, reflecting stable supplier pricing and continued procurement for immediate requirements.

Bangladesh: Bangladesh's imported scrap market remained slow d-o-d, with cautious buying sentiment continuing amid weak downstream steel demand. Offer levels for Australia-origin busheling were heard at $425-430/t CFR, while Australia-origin shredded scrap was indicated at $410-415/t CFR. HMS bundles were heard near $390/t CFR, and Malaysia-origin GI bundles were offered around $349/t CFR.

A Malaysia-origin cargo of 1,000 t of GI bundles was heard sold at $448/t CFR Chattogram. Meanwhile, an 8,000 t bulk cargo comprising GI bundles, HMS 90:10 and shredded scrap from Australia was reported heading to Bangladesh. US/Brazil/Africa-origin HMS 80:20 offers were also heard around $360/t CFR Chattogram, though buying activity remained limited.

Turkiye: Deep-sea imported scrap market remained steady d-o-d on 11 May amid a continued buyer-seller stalemate and narrowing scrap-to-rebar spreads. Sellers maintained bullish sentiment, with US-origin HMS 80:20 offers targeting $415/t CFR and above, supported by firm freight and fuel costs. However, Turkish mills remained reluctant to accept higher raw material prices due to weak domestic and export rebar demand and continued margin pressure.