The ferrous scrap market in South Asia saw a no response from the seller’s point of view as offers remained high with almost no deals. Moreover, buyers were silent and in a wait-and-watch mode for a clear direction in the Indian ferrous scrap market.
The Pakistani ferrous scrap market remained inactive too with comparatively high offers w-o-w, following the global trend. Bangladesh’s ferrous scrap market, on the other hand, saw subdued behaviour due to restraints on LC opening and liquidity issues. As a result, buyers extended silence towards the end of the week too.
Market comments
“Offers are going up, but no activities were heard, as buyers are silent and in a wait-and-watch mode for the price reduction. A clear view can only be seen in the next week or after the holidays. The Indian ferrous scrap market sees no major deals at present,” an Indian trader informed.
SteelMint’s price assessment
- Europe-origin shredded scrap offers into India were at $445/t CFR Nhava Sheva, which remained unchanged d-o-d.
- UK-origin shredded prices stood at $458/t CFR Chittagong, remaining stable d-o-d
- UK-origin shredded scrap prices were at $447/t CFR Qasim, unchanged from the last price.
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