South Asia: Ferrous scrap market remains silent amid weak sentiments

The South Asian ferrous scrap market remained mostly silent today with limited fresh deals seen. Prices continued to move down, compared to the last offers. Indian buyers are not active due to a lack of clarity on the current bid-offer scenario. However, deals for South African-origin material were heard concluded.

The Pakistani ferrous scrap market extended its silence despite making enquiries in the market.

Bangladesh has shown prolonged inactivity due to restraints on opening new LC accounts and lack of cash flow kept buyers sidelined for yet another day.

"Indian buyers are showing less interest as prices are high and finished steel prices are not supportive either," an Indian scrap trader informed.

Today's deal :

• Around 2,000 t of HMS (90:10) of South African origin was booked at a price of $420/t CFR Chennai.
  
  

• Europe-origin shredded scrap offers into India were at $443/t CFR Nhava Sheva, down by $5/t on a d-o-d basis.
  
  
• UK-origin shredded prices stood at $455/t CFR Chittagong, down by $8/t from the last offers.
  
  
• UK-origin shredded scrap prices were at $443/t CFR Qasim, unchanged from previous offers.