South Asia: Ferrous scrap market remains muted

The South Asian ferrous scrap market remained silent as India heard offers mostly lower than the previous day, whereas deals were not heard at current market prices. Scrap buyers are currently not getting a "correct stop" for buying inquiries.

For Pakistan, the same issue with market dynamics exists as prices of finished products are rising as a result of severe supply chain disruptions and recent tax revisions. It is difficult to predict whether there will be any new bookings in the near term.

Bangladeshi players are now holding the smallest part of the market with minimal bookings and are not significantly active.

Price assessments

• Europe-origin shredded scrap offers into India were at $455/t CFR Nhava Sheva, down $3/t d-o-d.
  
  
• UK-origin shredded scrap prices stood at $493/t CFR Chittagong, unchanged d-o-d.
  
  
• UK-origin shredded scrap prices were at $463/t CFR Qasim, a decrease of $2/t d-o-d.