South Asia: Ferrous scrap market still slow, India sees some deals
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The South Asian imported scrap market experienced slow movements amid some deals from India and Bangladesh. Other major market players such as Pakistan did not witness any deal getting concluded today yet offers remained the same as yesterday's.
India
The Indian ferrous scrap market witnessed a couple of deals at current offers. Participants are expecting further price correction due to a recent low-priced Turkish deal.Domestic ferrous scrap prices remained mostly unchanged in southern and western regions. The northern region (Mandi-Gobindgarh) saw minor positive corrections for the day.
Pakistan
The Pakistani scrap market remained silent for the day and imported scrap offers remained at similar levels compared to yesterday's at $465/t. Enquiries for deals are still going on, and traders are anticipating some deals at even lower prices to be concluded in the next few days.
Bangladesh
Turkish ferrous scrap buyers came back to the market, with quick deals happening recently at lowered prices, (down by 10-15/t) compared to the offers pitched at the beginning of the week.
A parcel of 3,000 t of UK/Europe shredded scrap were booked at $465/t CFR Vizag.
Price assessments
- Europe-origin shredded scrap offers into India stood at $465/t CFR Nhava Sheva, unchanged d-o-d.
- UK-origin shredded scrap prices into Bangladesh stood at $472/t CFR Chattogram, down by $3/t d-o-d.
- UK-origin shredded scrap prices into Pakistan stood at $465/t CFR Qasim, unmoved d-o-d.
