South Asia: Ferrous scrap market remains slow; Bangladesh concludes deals

The South Asian ferrous scrap market remained mostly slow amid some transactions seen from Bangladesh.

The Indian ferrous scrap market remained silent amid inactive buyers, higher offers, and better availability of domestic scrap in the southern and western regions.

Indian finished steel market remained a bit active due to the drop in prices in the first half, followed by cut in scrap prices by around INR 100-600/t on a d-o-d basis.

The Pakistan market remained silent after a few deals concluded in the last few days. However, a few offers were heard at around $488-492/t for shredded of Europe origin.

Bangladesh's market witnessed some trade activities and a few deals concluded from the UK in PNS, blue teel, and busheling on CFR Chattogram basis. Offers for UK-origin shredded were heard at $515/t. HMS (80:20) bulk from the US were at $485-490/t and HMS(80:20) containers bids were heard at $490/t tentatively today.

Recent deals:
Around 2,000 t of UK-origin PNS grade scrap were booked at $515/t CFR Bangladesh.
A parcel of 4,000 t of UK-origin blue steel was booked at $525/t CFR Bangladesh.
UK-origin busheling scrap of about 2,000 t was booked at $525/t on CFR Bangladesh.

Price assessments

• Europe-origin shredded scrap offers into India stood at $488/t CFR Nhava Sheva, sharply up by $13/t d-o-d.
  
  
• UK-origin shredded scrap prices stood at $515/t CFR Chattogram, unchanged on a d-o-d basis.
  
  
• UK-origin shredded scrap prices stood at $490/t CFR Qasim, up by $2/t from the previous offers.