South Asian ferrous scrap prices remain rangebound

The South Asian ferrous scrap market remained silent with offers prevailing at similar levels to that of yesterday. Indian market participants expect a correction in prices in view of the current market scenario.

"We are predicting prices to go down further by 3% this week. Very cautious buying amid bearish sentiments always leads to distressed sales," an Indian trader source said.

Pakistan's ferrous scrap market was level with scrap offers remaining at the same level, whereas the major mills increased their rebar prices due to severe supply chain disruption and an increase in the general sales tax by 1% to 18%.

Bangladesh's ferrous scrap market is silent but LC opening has become easier which has led to mills buying as per their immediate requirements. After the sudden disaster in Turkiye, international ferrous scrap prices are edging down.

Price assessments

• Europe-origin shredded scrap offers into India were at $458/t CFR Nhava Sheva, down $2/t d-o-d.
  
  
• UK-origin shredded scrap prices stood at $493/t CFR Chittagong, a decrease of $2/t d-o-d.
  
  
• UK-origin shredded scrap prices were at $465/t CFR Qasim, unchanged d-o-d.