South Asia: Ferrous scrap market remains largely stable

South Asian ferrous scrap prices remained rangebound as the market has been quiet for a few days, with buyers not being able to conclude fresh deals in Pakistan due to the critical financial turmoil and liquidity crunch in that country. However, Bangladesh saw a few deals happening for UK- and US-origin scrap recently. Indian buyers remained active, booking parcels containing smaller quantities.

The Turkish market has resumed post-earthquakes with a quick rebound in prices. Deals are being heard on a regular basis and prices are expected to go higher in the coming days, as per sources.

The Turkish government has asked local producers to increase rebar production as it plans to soon begin rehabilitation work in the earthquake zone.

Recent deals

• Around 500 t of Europe-origin containerised shredded scrap has been booked at $455/t CFR Nhava Sheva.
  
  
• Around 500 t of US-origin containerised shredded scrap has been booked at $480/t CFR Bangladesh.
  
  
• Around 1,000 t of PNS and HMS scrap of UK origin has been booked at $495/t and $465/t CFR Bangladesh, respectively.
  
  
  
  

Price assessments

• Europe-origin shredded scrap offers into India were at $455/t CFR Nhava Sheva, unchanged d-o-d.
  
  
• UK-origin shredded scrap prices stood at $493/t CFR Chittagong, largely stable.
  
  
• UK-origin shredded scrap prices were at $465/t CFR Qasim, up $2/t.