South Asia’s imported ferrous scrap market saw a modest response from the trading point of view. But, imported scrap offers climb further post-the Turkish deal concluded recently.
In Bangladesh, LC issues are still a cause for worry and holding back active scrap bookings since the last one month.
Where the Indian scrap market is concerned, no new deals were heard amid weak demand from end-users.
Pakistan’s ferrous scrap market is also slow, plagued by liquidity issues and limited buying . However, some deals were concluded at increased offers.
“The Indian market is looking up. Scrap rates are going up tremendously. Demand is getting better but trades are yet to improve. If it is just the impact of the steel export duty exemption, then it may be a temporary hike in offers,” an Indian market participant observed to SteelMint.
“If the situation remains like this then, towards end-December, it would be very tough for Bangladesh as mills are already cutting down their production,” said a Bangladesh-based scrap buyer.
Today’s Deal
Around 4,000 t of Europe-origin shredded scrap has been booked at $425/t CFR Qasim.
SteelMint’s price assessment
- Europe-origin shredded scrap offers into India were at $423-26/t CFR Nhava Sheva, up by $3/t d-o-d.
- UK-origin shredded prices stood at $440/t CFR Chittagong, largely stable with $1/t down from the previous day.
- UK-origin shredded scrap prices were at $425-428/t CFR Qasim, up by $5/t from the last offers.
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