South Asia: Ferrous scrap prices remain stable d-o-d

South Asian ferrous scrap prices remained stable as compared to the previous day. Market participants majorly held fresh bookings in India, waiting for a better outlook and market trend due to bid-offer disparity in the market.

Bangladesh-based scrap buyers saw rising offers. However, they are cautious about procuring in the current market situation due to fund constraints. Pakistani steel producers continued to maintain distance from the market yet some enquiries from participants were recorded.

Turkish deep-sea imported scrap prices remained flat with mills halting scrap purchase activity. Meanwhile, the Turkish government and steel mills held a meeting on 2 March.

"Indian ferrous scrap market to remain down in the next 10 days because major bookings are on hold for the upcoming festive week," an Indian trader stated.

Price assessments

• Europe-origin shredded scrap offers into India were at $485/t CFR Nhava Sheva, significantly unchanged d-o-d.
  
  
• UK-origin shredded scrap prices were at $505/t CFR Chittagong, stable d-o-d.
  
  
• UK-origin shredded scrap prices were at $492/t CFR Qasim, unmoved d-o-d.