South Asia: Pakistan and Bangladesh scrap buyers struggle due to currency crisis

The South Asian ferrous scrap market is in silent mode. In contrast, the Turkish market is on top with frequent trades witnessed recently. Indian scrap market expects a better outlook for the next week. Major mills are expecting their bulk cargo to connect this week to Vizag port. The container market somehow has not been able to see any major deals.

Pakistan's major mills kept increasing their rebar prices due to the prolonged financial crisis. As a result, no trade deals came to the fore. Bangladesh also faced similar condition with no active participation in bulk cargo bookings. However, the nation is currently arranging funds to ensure enough liquidity for its market.

Recent deal:

Around 350 t of containerised HMS (90:10) from the Middle East has been booked at $450/t CFR Nhava Sheva.

Price assessment

• Europe-origin shredded scrap offers into India are at $460/t CFR Nhava Sheva, unchanged d-o-d.
  
  
• UK-origin shredded scrap prices stand at $470/t CFR Chittagong, the same compared to the last offers.
  
  
• UK-origin shredded scrap prices are at $465/t CFR Qasim, unmoved d-o-d.