South Asia: Ferrous scrap prices range-bound amid moderate buying enquiries

South Asian ferrous scrap prices remained range-bound d-o-d amid subdued market activities and moderate buying enquiries from the buyers' side. Suppliers quoted higher offers, which were up by $4-5/t. Indian market sentiments remained down as participants opted to wait and watch the situation for further bookings. However, mills are expecting that scrap bookings will resume soon.

The Indian domestic ferrous scrap market remained more or less stable as no major price revision can be seen d-o-d.

"Annual scrap imports are expected to exceed 10 mnt in the next few years," an Indian ferrous scrap expert speculated.

Bangladeshi buyers booked minimal to remain active in the market for prompt shipments at higher prices.

Pakistan's ferrous scrap prices remained same as compared to the previous day. Similar prices prevailed due to the silence in the market on liquidity concerns and an ongoing economic crisis. These developments took place because the PKR remained volatile throughout the day, ending at 278 levels.

Turkish mills arranged a second meeting on 7 March, 2023 with the government. Market sources are expecting trade activity to remain subdued until the outcome is clear.

Recent deal:

UK-origin PNS grade scrap has been booked at $516/t CFR Bangladesh.

Price assessments

• Europe-origin shredded scrap offers into India were at $480/t CFR Nhava Sheva, down by $5/t d-o-d.
  
  
• UK-origin shredded scrap prices were at $500/t CFR Chittagong, decreasing by $5/t d-o-d.
  
  
• UK-origin shredded scrap prices were at $492/t CFR Qasim, unchanged d-o-d.