South Asia: Ferrous scrap market slows down d-o-d, except Pakistan
Ferrous scrap prices in key South Asian countries remained stable d-o-d on 6 January 2023. The markets remained less active as compared to the previous day except for Pak...
Ferrous scrap prices in key South Asian countries remained stable d-o-d on 6 January 2023. The markets remained less active as compared to the previous day except for Pakistan where a couple of deals were reported.
Recently, several deals were heard to have been concluded for Turkiye as mills there are active in buying. In recent deals concluded, prices have jumped by $6-8/t.
Following global cues, it is expected that imported prices into India may also follow the suit as market participants find the season till March as favourable for procurement.
"Recent deals by Turkish mills have propelled global scrap prices with an improvement in their buying activities after the New Year. This created a rush among market participants and so, we can predict that imported prices into India may go up by 4-5%, and this uptrend will continue up till March," an Indian trader said.
Meanwhile, Bangladesh continues silence with problems regarding LC openings.
Recent deal
Around 2,700 t of containerised shredded scrap of European-origin was booked at a price range of $463-465/t CFR Qasim.
SteelMint's price assessments
- Europe-origin shredded scrap offers into India were at $458/t CFR Nhava Sheva, unmoved d-o-d.
- UK-origin shredded scrap prices stood at $470/t CFR Chittagong, stable compared to previous offers.
- UK-origin shredded scrap prices are at $465/t CFR Qasim, largely unchanged compared to the last offers.
