South Asia: Ferrous scrap market extends silence amid weak buying appetite
The South Asian ferrous scrap market, in the grip of an extended silence, saw almost nil activities as yet another new week began. Mainly, Pakistani and Bangladeshi playe...
The South Asian ferrous scrap market, in the grip of an extended silence, saw almost nil activities as yet another new week began. Mainly, Pakistani and Bangladeshi players were not in the market because of their issues with LC openings and the continuing financial crisis. Moreover, foreign reserves in Pakistan have been depleted and the current situation in the country is critical.
The Indian market is not supportive amid dull finished steel sales and adequate stock levels, specifically in finished long steel, informed a few importers. A few importers foresee that prices may drop owing to the financial year-end.
On the other hand, Turkish mills are still not active, recovering from the earthquake.
Price assessments
- Europe-origin shredded scrap offers into India were at $460-465/t CFR Nhava Sheva, down by $2/t against last week closing.
- UK-origin shredded scrap prices stood at $495/t CFR Chittagong, unchanged against last weekend.
- UK-origin shredded scrap prices were at $470-475/t CFR Qasim, unmoved from last Friday's assessment.
