South Asian imported scrap markets stay subdued amid slow demand

• Turkiye's imports steady; weak rebar demand limits activity
  
  
• India's imported scrap market slow amid holidays
  
  

South Asian scrap markets stayed on hold, with India and Pakistan seeing sluggish activity due to holidays and cautious buyers, Bangladesh subdued by monsoon rains, and Turkiyes deep-sea imports sideways amid weak rebar demand and limited mill purchases.

Market overview

India: India's imported scrap market remained sluggish on Monday, with trading activity limited due to ongoing holiday closures. Permanent holidays kept many participants away, slowing overall market movement. Offers for HMS 80:20 from the UK-EU were reported at $340/t CFR Chennai, but sources indicated these levels were not workable.

Market sentiment continued to trend lower, pressured by a strengthening dollar and cautious buyer participation. The combination of thin demand and limited trading kept the market subdued, with no significant deals reported.

Pakistan: Imported scrap market showed little activity, with numerous offers available but weak buyer engagement. Prices held firm at about $380/t CFR Qasim, reflecting a cautious approach and low appetite for bulk purchases.

Bangladesh: The imported scrap market stayed subdued as heavy monsoon rains and soft steel demand limited mill purchases. Buyers largely held back, postponing fresh orders. Price indications varied by grade and origin: HMS 90:10 around $350/t CFR, shredded scrap at $365/t CFR, and HMS 80:20 from Australia and New Zealand at $342/t CFR.

Turkiye: Turkey's deep-sea import scrap market remained sideways, with tradable values for US- and Baltic-origin HMS 80:20 reported at $345-348/t CFR. However, buyers remained uncertain about whether Turkish mills would urgently purchase additional cargoes.

A participnat noted that workable levels for sellers remain above current deal levels, with only those forced to sell accepting mill's bids. Meanwhile, a Turkish mill source added that rebar demand is weak in both local and export markets, keeping overall market activity subdued.

Price assessments

India: UK-origin shredded indicatives edge up by $1/t at $365/t CFR Nhava Sheva compare to last closing day.

Pakistan: UK-origin shredded indicatives prices remains stable at $380/t CFR Qasim compare to last closing day.

Bangladesh: UK-origin shredded prices edged up by $1/t d-o-d to $375/t CFR Chattogram compare to last closing day..

Turkiye:US-origin HMS (80:20) bulk scrap prices remained stable d-o-d at $347/t CFR Turkiye comnpare to last closing day.