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South Asia: Ferrous scrap market slow, Bangladesh sees some deals

The South Asian ferrous scrap market remained moderately active as major markets Pakistan and India remained mostly silent due to “bid-offer disparitiesR...

Melting Scrap
By
BigMint Bureau
618 Reads
6 Apr 2023, 19:33 IST
South Asia: Ferrous scrap market slow, Bangladesh sees some deals

The South Asian ferrous scrap market remained moderately active as major markets Pakistan and India remained mostly silent due to "bid-offer disparities" from the buyer and seller sides. Meanwhile, Bangladesh stayed active with some deals at lower prices for the day.
Indian imported ferrous scrap offers remained high. But, buyers were uninterested during inquiries. The finished steel market saw "minor price corrections," in terms of prices. Domestic scrap prices in the Western region saw some positive price corrections. However, it also saw some negative price corrections. The southern market remained lightly recovered in terms of prices. The northern market, on the other hand, remained almost stable in terms of prices.

Pakistan's ferrous scrap market reported no deals. Players remained out of the market. Bangladeshi buyers remained moderately active during Ramadan.

Nevertheless, the market continued to be slow as major players stayed out of it. A total of around 2,000 t of scrap has been booked, including Hong Kong-origin PNS, USA-origin HMS (90:10), and Europe-origin shredded on CFR Chattogram.

"We are expecting some deals as negotiations are going on from the buyers' side," an Indian trader informed while discussing the ferrous scrap market's "current trade flow".
Turkish ferrous scrap import prices were unchanged as mills continued to hold back deals from the deepsea market. The shortsea scrap market continued to fall sharply as Turkish mills continued to prefer procuring domestic scrap and pressured shortsea sellers into sharply lower sales.

Recent deals:A parcel of 1000 t Europe-origin shredded scrap has been booked at $470/t CFR Bangladesh.

Around 500 t of Hong Kong-origin PNS has been booked at $495/t CFR Bangladesh.

A 500 t packet of USA-origin HMS (90:10) scrap has been booked at $465/t CFR Bangladesh.

Price assessments

  • Europe-origin shredded scrap offers into India stood at $465/t CFR Nhava Sheva, slightly up by $5/t d-o-d.

  • UK-origin shredded scrap prices in Bangladesh stood at $480/t CFR Chattogram, down by $10/t compared to last offers.

  • UK-origin shredded scrap prices in Pakistan stood at $462/t CFR Qasim, stable from previous offers.


 

6 Apr 2023, 19:33 IST

 

 

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