South Asia: Imported ferrous scrap market continues to remain range-bound, some deals take place

The South Asian ferrous scrap prices continued to be range-bound. Only some deals were heard from major markets India and Pakistan. Pakistan resumed small package booking amid slow trade flow during the Ramadan holidays.

The Indian market saw higher offers yet some trades took place at lower prices. This happened because buyers were not in a mood to procure at high prices due to the subdued finished steel market. However, some deals were concluded for Europe-origin material at around $460/t today.

Domestic ferrous scrap prices remained range-bound with minor price revisions. Northern and southern Indian scrap prices saw some positive corrections today. Meanwhile, the Western market remained mostly stable in terms of prices.

"Pakistan's market is down due to Ramadan and 'political instability' following global market price trends. The court has ordered for an election. But it may not happen," a Pakistani trader said, sounding uncertain while speaking about the situation.

Bangladesh's ferrous scrap prices remained stable as compared to the previous closing. Major players were in a wait-and-watch mode due to some Letters of Credit (LCs) related constraints from the government's side. In March, bulk scrap imports surged 96% m-o-m due to an easing in LC restrictions.

On the other hand, Turkish imported ferrous scrap prices remained range-bound.

"This week is critical for mills to decide whether to acquire scrap for the end of April delivery or the first half of May shipping. If Turkiye does not purchase, prices will fall considerably," a Turkiye-based mill source said.

Recent deals:

Around 1,000 t of containerised shredded scrap have been booked at $460/t on CNF Nhava Sheva.

A parcel of 1,000 t of shredded scrap in containers have been booked at $465/t CNF Qasim.