South Asia: Ferrous scrap trade remains slow amid limited inquiries

The South Asian ferrous scrap market continued to remain subdued today, with India and Bangladesh experiencing a lack of significant deals while offers remained stagnant across grades. This indicates a cautious approach from market participants in these countries.

Meanwhile, in Pakistan, trade activities in the ferrous scrap market continue to be a struggle amidst the current economic crisis and political disturbances. Turkiye, the price indicator saw few deals at slightly higher prices, maybe, due to the mills' need to restock for production next month

India

Prices of Indian ferrous scrap in the shredded grade were reported at around $440-445/ tonne, and only a couple of deals were heard yesterday. However, the market does not expect any major activity this month, at least.

The domestic ferrous scrap market experienced limited trade activities for the day, and prices across major Indian markets declined by INR 200-300/t.

Pakistan

Imported ferrous scrap prices in Pakistan remained unchanged for the shredded grade, standing at $443/t. Trade activities were minimal as major steelmakers are not procuring large quantities due to the economic crisis and political disturbances in the country.

Finished steel prices continued to fluctuate due to a lack of buyers. According to some experts, the near-term outlook appears gloomy, considering the current scenario in Pakistan.

Bangladesh

Imported scrap prices in Bangladesh remained unchanged for the day, with no significant activities reported. Participants are cautious due to the country's declining foreign currency reserves. There are currently no serious buying inquiries in the market, as participants await the upcoming budget next month.

Turkiye

Turkish producers have adopted a cautious stance, resulting in sluggish imports of scrap. The upcoming second round of the presidential election adds an additional layer of uncertainty, leading to limited trading activity in the country. Despite this, there have been a few recorded deals, and mills' restocking efforts have contributed to a slight price increase in Turkiye.

SteelMint's daily assessment for US-origin HMS 1&2 (80:20) stood at $378/t CFR Turkiye, slightly up by $3/t from the last offer.

Price assessments

• Europe-origin shredded scrap offers into India remained steady d-o-d at $440/t CFR Nhava Sheva.
  
  

• UK-origin shredded scrap prices into Bangladesh stood at $460/t CFR Chattogram, unchanged d-o-d.
  
  

• UK-origin shredded scrap prices into Pakistan stood at $443/t CFR Qasim, largely stable d-o-d.