South Asia: Imported ferrous scrap prices plunge to over one year-low

South Asian imported scrap prices plummeted to over one-year low amid limited buying inquiries, currency devaluation, increased input costs, and bid-offer discrepancies. These price levels were last seen in Q2 CY'21, as per SteelMint data.

Notably, there is a wide gap of around $25/t between the bids and offers in the Indian imported market which kept scrap sellers on the sidelines. Also, there is a shortage of domestic scrap in the country.

• Europe-origin shredded scrap prices are at $440/t CFR Nhava Sheva, down by $25-30/t d-o-d.
  
  
• Two deals of around 5,000 t and 500 t of shredded scrap were heard to have been concluded at $430 and $440/t, CFR Qasim. SteelMint's assessment for UK-origin shredded scrap stands at $440/t CFR Qasim, down $20/t d-o-d.
  
  
• UK-origin shredded scrap prices stand at $490/t CFR Bangladesh, falling by $15/t d-o-d.
  
  

Outlook
Market participants expect that prices have still not bottomed out and are likely to fall further following which buying activities may improve.