South Asian ferrous scrap market participants are in a wait-and-watch mode after Turkiye deal and recent export duty withdrawal, but demand has been low. Market participants are of the view that prices may increase somewhat following recent Turkish sales, but buyers showed limited interest after witnessing the current fluctuation in the market.
However, Pakistani buyers actively procured material in the beginning of this week. Owing to LC, a really poor scenario in Bangladesh prevails now. Buyers have demand but are struggling to get LCs because of the unstable foreign reserve status.
A Europe-origin bulk cargo booked by a Mediterranean region steel mill of Turkiye, comprising HMS (80:20) at a rate of $342/t CFR Turkiye.
Today’s deals
- Around 1,050 t Shredded scrap of Europe-origin was traded at $400-405/t CFR Qasim.
- Around 750 t Shredded scrap of Europe-origin was traded at a price of $415/t CFR Nhava Sheva.
Market participants anticipated, “Indian steel plants, now that they can export, will increase production, hence demanding more scrap both locally and imported”.
SteelMint’s price assessment
- Europe-origin shredded scrap offers into India were at $415/t CFR Nhava Sheva, unchanged against the last closing.
- UK-origin shredded prices ranged over $445/t CFR Chittagong down $3/t against Friday’s closing.
- UK-origin shredded scrap prices were at $405/t CFR Qasim, a drop of $8/t compared to the previous closing.
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