South Asia: Ferrous scrap market remains active; Bangladesh lone exception

The South Asian ferrous scrap market remained active for the second consecutive day with most deals reported for Pakistan and India. Deal prices remained high as Turkish mills have created a momentum in the market via continuous bookings with the commencement of the New Year. Meanwhile, Bangladesh LC opening issues are still out of control. Indian buyers somehow managed to procure a few deals at increased prices.

In a recent deal, European scrap suppliers booked HMS (90:10) at $421-422/t CFR Turkiye to a Black Sea region-based steel mill.
Another European scrap supplier sold HMS (80:20) at $412.5/t CFR Turkiye to a West Maramara-based steel producer.
Two Benelux-origin cargoes have been booked at $408/mt CFR Aegean and $409/mt CFR Turkiye (West Marmara).

Recent deals:

• Around 9,000 t of containerised shredded scrap of European origin was booked at a price range of $458-462/t CFR Qasim.
  
  
• Around 1,100 t containerised HMS (80:20) of West African origin was booked at $440/t CFR Nhava Sheva.
  
  
• Around 1,000 t of shredded containerised scrap of European origin was booked at $455/t CFR Nhava Sheva.
  
  

SteelMint's price assessment

• Europe-origin shredded scrap offers into India were at $458/t CFR Nhava Sheva, unchanged d-o-d.
  
  
• UK-origin shredded scrap prices stood at $470/t CFR Chittagong - stable compared to previous offers.
  
  
• UK-origin shredded scrap prices are at $465/t CFR Qasim, largely flat compared to last offers.