South Asia: Imported scrap prices continue to soften on limited demand

South Asia’s imported ferrous scrap market continued to remain silent due to lack of finished steel sales and demand in the market. Market participants expect a further decline in the market as Turkiye is booking material at lower rates.

A Bangladeshi buyer said: “Currently the market is depending more on the buyers, whereas sellers are ready to sell material at bid prices. But banks are not ready to accept any new LCs.” “We are expecting that the market will stabilise in the coming year,” he added.

SteelMint’s price assessment

• Europe-origin shredded scrap offers into India were at $420/t CFR Nhava Sheva.
• UK-origin shredded scrap prices were at $420/t CFR Qasim.
• UK-origin shredded prices were unchanged at $450/t CFR Chittagong.