South Asia: Ferrous scrap offers range-bound, few deals happen from India
...
The South Asian imported scrap market remained range-bound, with sparse trading seen but which led to some deals from India. Bangladesh and Pakistan experienced a slowdown due to Ramadan (approaching Eid) and LC-related issues.
India
Offers for shredded material were heard in the range of $455-460/t CFR Nhava Sheva. However, some contracts were 7-8% lesser than the current offers, informed reliable sources. Around 300-400 tonnes of African HMS scrap have been booked at $435/t CFR Mundra. Sources informed SteelMint that materials from UK/Europe were difficult to get at present. So, Indian buyers are sourcing from the Middle East (Kuwait), and West Africa.
A couple of deals were concluded yesterday from the Middle East and Kuwait collectively at $460/t and $465/t CFR for HMS (80:20). Shredded and HMS deals from the UK/Europe were recently done at $455-456 and $428-430/t. Meanwhile, HMS (80:20) of West African origin was heard booked at $425-30/t on CFR.
Pakistan
Pakistan's ferrous scrap market might see a change after Eid. Some reliable market sources said that one deal of around 1,000 t was confirmed at $465/t.
"Markets are expecting a turnaround soon. However, the economic situation worsened and the scrap market is unstable. Demand may pick up after the Eid holidays," a Pakistani trader informed.
Bangladesh
Offers for imported ferrous scrap in Bangladesh remained mostly stable. However, a few enquiries on bulk scrap were heard, confirmed sources.
But the market remained silent for the day in containers. Meanwhile, another 25,000t bulk cargo have been booked from Australia, consisting of 22,000t of HMS (80:20) and 3,000t of bonus grade scrap at $458 and $463/t CFR Chattogram, respectively, reliable sources confirmed.
Turkiye
Turkish ferrous scrap market remained slow but a couple of deals were heard from the US consisting of HMS (80:20) at around $428/t and bonus scrap at around $448/t on CFR Turkiye."The market direction is difficult to predict due to economic factors, general elections, and holidays. So, we are not active in the market for now," a Turkish market source informed.
Recent deals:
- A deal was heard for 500 t of West African-origin material. HMS was sold at $442/t in Ludhiana.
- Around 500 t of West African HMS was sold at $440 at CFR Mundra.
- Around 500 t of turning was sold at $410 at CFR Nhava Sheva.
- Around 500 t of Kuwait-origin HMS was sold at $465/t CFR Mundra.
- A parcel of 500-1,000 t of West African HMS(80:20) was sold at $435-440/t CFR Mundra.
- Around 250-300t of SE African HMS(80:20) was booked at $435/t CFR Mundra.
Price assessments
- Europe-origin shredded scrap offers into India stood at $457/t CFR Nhava Sheva, slightly down by $3/t d-o-d.
- UK-origin shredded scrap prices into Bangladesh stood at $472/t CFR Chattogram, unchanged d-o-d.
- UK-origin shredded scrap prices in Pakistan stood at $460/t CFR Qasim, down by $5/t d-o-d.
