South Asia: Imported ferrous scrap offers fall on limited buying interest

After the latest Turkish imported scrap deal, the offers fell significantly due to which South Asian buyers turned cautious about booking any further cargo. Buyers opted to wait and watch to get clearer market directions.

In Pakistan, there is limited demand from the buyers' side owing to heavy rains and already piled-up inventory. Similarly, Bangladesh's imported scrap market remained pessimistic about booking any containerised scrap.

Price assessment

• UK-origin shredded scrap prices were at $460-465/t CFR Qasim, falling significantly by $11/t against yesterday.
  
  
• Europe-origin shredded scrap offers in India stood at $460/t CFR Nhava Sheva, down $10-15/t d-o-d.
  
  
• Shredded scrap prices were at $500/t CFR Chittagong, unchanged d-o-d.