South Asia: Ferrous scrap market witnesses weak sentiments; Pakistani mill settles deal

The South Asian ferrous scrap market saw one containerised deal right before the holiday week, with a Pakistani mill resuming purchases today. The Indian ferrous market saw negligible interest among buyers. Bangladeshi mills are still out of the market and offers are at similar levels compared to yesterday.

"The finished product market is down due to holidays along with tight liquidity in the market. Hopefully, will see positive trends after 31 December", a Pakistani mill source said.

Today's deal-

Around 1,000 t of containerised shredded scrap of Europe origin was booked at $450/t CFR Qasim.

SteelMint's price assessment

• Europe-origin shredded scrap offers into India were at $447/t CFR Nhava Sheva, unchanged d-o-d.
  
  
• UK-origin shredded scrap prices stood at $460/t CFR Chittagong, stable compared to previous offers.
  
  
• UK-origin shredded scrap prices are at $449/t CFR Qasim, slightly up by $1/t compared to last offers.