South Asia: Ferrous scrap prices come down amid slow buying enquires

The South Asian ferrous scrap market continued to be slow for yet another day due to weak sentiments in the domestic and overseas markets. Trading in India was subdued due to bid-offer disparity.

India
Indian imported scrap market was impacted by the sluggish finished steel market.There were plenty of offers in the market as sellers forwarded the same to India amid inactiveness of Pakistan and Bangladesh. However, demand in India is lacklustre due to weak steel buying sentiment, a market insider told. As a result, prices saw a downtrend.

Indian buyers were ready to book at $435/t for European shredded, however, no deals concluded yet at this price.

"Bulk offers from USA for HMS were heard at $440/t and for shredded at $445/t to India," a major overseas trader informed.

Pakistan
The Pakistani imported scrap market continued to be silent as buyers were not active. However, a few shredded offers were heard but no trade has been confirmed.

"UK origin shredded ISRI 211 offers stood at $453/t CNF Qasim but subjected unsold," a Pakistani trader informed.

Bangladesh
In the container market of Bangladesh, participants are getting an offer from Australia and USA at $470/t for shredded, but no deal has been reported yet.

"HMS (90:10) from Canada was offered at $460/t whereas, UK deals are not happening nowadays due to low buying interest," a Bangladeshi mill person informed.

Offers for UK-origin shredded and European-origin HMS (80:20) fell slightly due to dull demand.

Turkiye

Market trendsetter Turkiye was slightly active. Two east Marmara-based steel mills are heard to have booked two cargoes of European-origin HMS (80:20) at $403/t CFR. After these deals, prices have come down by $4/t.

"Prices might touch $400/t before May, and bids pitched recently below $400/t for Baltic origin recently," a Turkish trader source informed.

Price assessments

• Europe-origin shredded scrap offers into India stood at $445/t CFR Nhava Sheva, unchanged d-o-d
  
  

• UK-origin shredded scrap prices into Bangladesh stood at $463/t CFR Chattogram, slightly down by $2/t d-o-d.
  
  

• UK-origin shredded scrap prices in Pakistan stood at $453/t CFR Qasim, down by $5/t from yesterday.