South Asia: Ferrous scrap import prices range-bound amid few deals from Pakistan, India
The South Asian imported scrap prices remained range-bound. Moderate trading was seen as Bangladesh and Pakistan remained out of the market with minimal enquiries due to ...
The South Asian imported scrap prices remained range-bound. Moderate trading was seen as Bangladesh and Pakistan remained out of the market with minimal enquiries due to upcoming festive days. In fact, Indian imported scrap buyers resisted procuring. Nevertheless, deals at current offers were heard to be concluded before the last closing.
Offers for shredded material floated in the market were $458-460/t CFR Nhava Sheva. However, prices remained range-bound for the day. Bids heard were quite lower as compared to current tradable prices. The further price correction is likely this weekend, informed people aware of the matter.
"Around 500 t of shredded was sold. Some other tonnages might have been sold too. About 3,000 t was sold at $465 on Monday/Tuesday," a Pakistani mill source informed.
"We are out of the market till Eid. Indicative for the UK shredded was at $465-70/t, and HMS was heard at $448-50/t for the day," a Bangladeshi trader told SteelMint.
The Turkish ferrous scrap market remained slow with a minor correction in prices. HMS bulk prices from the US remained at $428/t CFR Turkiye.
- A deal was heard for 750 t of UK/European-origin busheling, which was sold at $508/t CFR Vizag.
- Around 3,000 t of shredded material of UK origin was booked at $465/t on Monday and Tuesday on CFR Qasim.
- Around 1,000 t of shredded material of US origin has been booked at $448/t on a CFR Nhava Sheva basis.
- A parcel of 300 t HMS (90:10) grade of Middle East origin has been booked at $452/t CFR Nhava Sheva.
Price assessments
- Europe-origin shredded scrap offers into India stood at $457/t CFR Nhava Sheva, unchanged d-o-d.
- UK-origin shredded scrap prices into Bangladesh stood at $470/t CFR Chattogram, down by $2/t d-o-d.
- UK-origin shredded scrap prices in Pakistan stood at $463/t CFR Qasim, slightly up by $3/t d-o-d.
