South Asia: Imported scrap market rangebound, Indian buyers conclude deals

The South Asian imported scrap market remained rangebound with prices recorded at stable levels. Some trade activities were observed in India. Other major market players such as Pakistan and Bangladesh did not witness any deal getting concluded today.

India

The Indian ferrous scrap market registered some deals at current offer prices. Major buyers are still expecting further price correction due to a recent Turkish deal concluded at lower prices. Domestic ferrous scrap prices in India are still viable compared to imported, especially prices in north and west India.

The semis and finished steel market continued to remain weak. Scrap shortage and liquidity crunch persisted. Scrap traders are dissatisfied with the market situation, sources informed SteelMint.

Pakistan

Pakistani scrap buyers are in a wait-and-watch mode observing price movements and no deals were heard today. Imported scrap offers remained at similar levels compared to yesterday at $465/t. Enquiries are still surfacing as major mills are seeking to open more fresh L/Cs for imports and are hoping for further price drop following the decline in global scrap prices.

Bangladesh

Ferrous scrap buyers in Bangladesh remained silent for the day after bulk procurement at the Kanto tender at lower prices. However, despite Ramadan month, the market attitude remains gloomy. Due to limited working hours during this holy month, domestic demand from the downstream market has declined. Offers, on the other hand, remained same as yesterday at $475/t.

Recent deals:

• Around 500 t of UK origin shredded was sold at $465/t CFR Chennai.
  
  
• Another 500 t of South African origin HMS (80:20) was heard sold at $460/t CFR.
  
  

Price assessments

• Europe-origin shredded scrap offers into India stood at $465/t CFR Nhava Sheva, unchanged d-o-d.
  
  
• UK-origin shredded scrap prices into Bangladesh stood at $475/t CFR Chattogram, unchnaged d-o-d.
  
  
• UK-origin shredded scrap prices into Pakistan stood at $465/t CFR Qasim, inching up d-o-d.