South Asia: Ferrous scrap market sees trade flow to Pakistan, other nations silent

The South Asian ferrous scrap market saw a partial trade flow to one country that is Pakistan. As Pakistani mills procured at a bit higher price mostly before the holiday closings, offer prices became $455-460/t for the day now.

Meanwhile, the Indian ferrous market saw mostly null interest from buyers with almost zero activities. Bangladesh market as expected, extended silence with probably lesser activities amid currency depreciation and LC difficulties.

"The Indian scrap market is currently inactive and unable to forecast prices, but it is anticipated that this will change for the better. Prices are similar to the previous offer; there is no buying interest at this time," an Indian trader mentioned.

Recent deal

• Around 8,000 t of containerised shredded scrap of Europe-origin was booked at $440-455/t CFR Qasim.
  
  

SteelMint's price assessment

• Europe-origin shredded scrap offers into India were at $445-450/t CFR Nhava Sheva, unchanged d-o-d.
  
  
• UK-origin shredded scrap prices stood at $460/t CFR Chittagong, same as compared to previous offers.
  
  
• UK-origin shredded scrap prices are at $455/t CFR Qasim, up by $6/t compared to last offers.