South Asia: Ferrous scrap market extends silence amid sluggish sentiment

The South Asian ferrous scrap market continued to feel the absence of trade deals for yet another day. Imported scrap prices were slightly up on the back of active transactions recorded from Turkiye. Around 6-7 cargo bookings of different origins were reported recently at increased prices.

Indian buyers are not in the market, waiting for a suitable price range. However, small bookings are happening from Dubai and Kuwait. Some bulk scrap shipments are likely to touch at Indian ports.
Pakistan is still struggling with a severe financial crisis and inflated finished product prices, and thus remains totally out of the market.

Bangladesh-based mills are expecting a better market scenario to emerge in the near term although sluggish sentiments persist.

Price assessment

• Europe-origin shredded scrap offers into India are at $460/t CFR Nhava Sheva, up by $2/t d-o-d.
  
  
• UK-origin shredded scrap prices stand at $470/t CFR Chittagong, up by $3/t compared to the last offer.
  
  
• UK-origin shredded scrap prices are at $465/t CFR Qasim, significantly up $12/t d-o-d.