South Asia: Ferrous scrap market remains sluggish d-o-d

The South Asia's imported ferrous scrap market remained slow today with prices for India remaining range-bound due to lack of buying interest. Indian players are now in a wait-and-watch mode to get clarity about the market trends.

Imported scrap prices into Pakistan remained stable whereas finished and semi-finished prices were on the higher side. A few participants are willing to procure scrap but LC opening issues along with slow economic recovery have restricted trade.

The Bangladesh's market remains silent due to the weekly holiday.

Turkish steel mills are not operational and port activities are impacted in the aftermath of the recent earthquake.

Price assessments

• Europe-origin shredded scrap offers into India were at $465/t CFR Nhava Sheva, unmoved d-o-d.
  
  
• UK-origin shredded scrap prices stood at $495/t CFR Chittagong, unchanged d-o-d.
  
  
• UK-origin shredded scrap prices were at $470-475/t CFR Qasim, stable d-o-d.