South Asia: Ferrous scrap market shows mix sentiment

South Asian ferrous scrap market showed mix sentiments today, on limited offers from suppliers. Offers have increased slightly due to material shortage. However, limited trade activities were also reported from Pakistani mills. Some small deals were heard to have been concluded. Bangladesh continues to extend its silence due to the depreciated currency against the dollar and LC opening issues. However, buyers were heard to have booked some quantities from Brazil.

The Indian ferrous scrap market is mostly quiet. A deal was heard from the Middle East region though in small quantities.

"Ferrous scrap prices in India are anticipated to rise in the short term. The market is currently not active because of the holidays. Recent bulk vessels' arrival may impact domestic Indian buyers' purchasing decisions," an Indian trader informed.

Today's deal-

Around 2,500 t of containerised shredded scrap have been booked at a price range of $445-450/t, CFR Qasim.

Around 3,000 t of HMS (80:20) was booked at $435/t CFR Chittagong last week from Brazil.

SteelMint's price assessment

• Europe-origin shredded scrap offers into India were at $447/t CFR Nhava Sheva, unchanged on a d-o-d basis.
  
  
• UK-origin shredded scrap prices stood at $460/t CFR Chittagong, stable from the previous offers.
  
  
• UK-origin shredded scrap prices were at $448/t CFR Qasim, slightly up by $1/t as compared to last offers.