South Asia: Ferrous scrap prices fall d-o-d in sluggish market

South Asia's ferrous scrap import prices trended lower d-o-d as the market showed sluggish sentiments with no major enquires and trade happening at current offers.

India's scrap import market was mute as buyers held back future bookings with the price gap between domestic scrap and imported material narrowing down. Also, finished steel demand is not good.

Meanwhile, domestic scrap prices corrected downwards due to sufficient availability in the north as well as central India.

Imported scrap prices into Bangladesh inched down as offers heard from sellers were mostly stable but buyers were quoting lower bids, creating a disparity. Such is the scenario before the approaching Ramadan holidays.

Pakistan's imported scrap market was slow due to limited demand. Increased tariffs and volatile currency were the factors that kept the market under pressure. Meanwhile, steel mills have announced a price cut for rebars ahead of Ramadan.

Price assessments

• Europe-origin shredded scrap offers into India stood at $465/t CFR Nhava Sheva, falling by $10/t d-o-d.
  
  
• UK-origin shredded scrap prices into Bangladesh stood at $510/t CFR Chattogram, inching down by $5/t from last offers.
  
  
• UK-origin shredded scrap prices into Pakistan stood at $488/t CFR Qasim, down $2/t from previous offers.