South Asia: Ferrous scrap prices continue to rise following Turkish market trends

The South Asian ferrous scrap imported prices continue to follow Turkish market trends as prices moved up further. Offers increased in Pakistan with limited deals heard. However, domestic market sentiments remain negative.

Indian buyers are showing less interest due to disparity in bid-offers and bulk cargo arrivals. "Indian scrap buyers are not so aggressive for fresh booking and, due to the limited availability of materials, prices are up. Market participants are in a wait-and-watch mode as mills have stocks for the near term," an Indian mill official said.

Meanwhile, Bangladesh remains out of the market due to the LC opening issues.
"Suppliers and traders are in trouble with their old commitments," said a reliable trade source.

Turkiye's ferrous scrap prices are up by $16/t in a recently-concluded US-origin deal. A West Marmara region-based mill booked a US-origin bulk scrap cargo comprising HMS (80:20) at $382/t, shredded and bonus scrap both at $402/t, CFR Turkiye respectively, SteelMint learnt from sources. The cargo was booked for January shipments.