South Asia: Limited demand pulls down ferrous scrap prices

South Asian scrap market remained bearish on lack of buying interest. Moreover, suppliers are also resistant to float fresh offers at lower levels as there is a huge disparity between bids and offers.

In Pakistan, major mills rushed to book bulk scrap cargoes after witnessing a drop in freight rates and global offers. Meanwhile, Indian buyers preferred to buy domestic material over imported scrap on cost competitiveness.

• SteelMint's assessment for UK-origin shredded scrap stands at $460/t CFR Qasim, down $20/t d-o-d.
  
  
• UK-origin shredded scrap prices stand at $505/t CFR Bangladesh, falling by $20/t d-o-d.
  
  
• Europe-origin shredded scrap prices are at $470/t CFR Nhava Sheva, down significantly by $25/t d-o-d.