South Asia: Ferrous scrap market extends silence amid high offers, limited enquiries

South Asia's ferrous scrap market continued to remain inactive, characterised by high offers and low buying enquiries yet again today. Market participants held back from buying due to lack of demand from Indian buyers.

Bangladesh's ferrous scrap market was also sluggish due to the liquidity crunch, while mills have increased rebar prices due to the increased cost of production.

Pakistan's ferrous scrap market has remained dormant since the last few days with no active trading activities seen due to the financial disaster the country is facing.

In the aftermath of the earthquake, Turkey's ferrous scrap import activities appear to have virtually ceased and might be silent for 4-5 days from now.

Price assessment

• Europe-origin shredded scrap offers into India were at $467/t CFR Nhava Sheva, down by $8/t d-o-d.
  
  
• UK-origin shredded scrap prices stood at $495/t CFR Chittagong, up by $10/t compared to previous offers.
  
  
• UK-origin shredded scrap prices were at $473/t CFR Qasim, unchanged d-o-d.