South Asia: Ferrous scrap offers remain high, trade muted
The South Asian ferrous scrap market remained silent towards the beginning of the week amid weak interest from the buyers’ side. Imported scrap prices have gone...
The South Asian ferrous scrap market remained silent towards the beginning of the week amid weak interest from the buyers' side. Imported scrap prices have gone up following the Turkiye deals. Pakistani buyers resume bids by considering high prices in the international market specifically in Turkiye. A few sporadic deals have even been concluded but are yet to be confirmed by the end user.
Indian scrap buyers are quiet in terms of bulk cargo arrivals. Scrap availability is easing in major importing locations as well as in western and southern regions.
Ferrous scrap trade in Bangladesh remains bearish amid weak finished steel demand and LC opening issues.
"Demand is not good for rebar. Material shortage is there. Buyers are preferring bundles from Hong Kong instead of shredded from the UK, because of their good quality and less dust," informed a Bangladeshi scrap buyer.
SteelMint's price assessment
- Europe-origin shredded scrap offers into India were at $438/t CFR Nhava Sheva, up by $5/t from the last offers.
- UK-origin shredded prices stood at $443/t CFR Chittagong, a $3/t addition to the previous price.
- UK-origin shredded scrap prices were at $437/t CFR Qasim, up by $4/t on a d-o-d basis.
