The ferrous scrap market in South Asia continued to extend its silence as activities in the Indian market remained dull with buyers still in a wait-and-watch mode. Pakistan’s ferrous scrap market observed bid-offer disparities that failed to clinch any deals. The gap between bids and offers remained at $8-10/t.
Bangladeshi buyers, on their part, expect some improvement in trade from January 2023. However, deals of some small quantities did take place.
Market comments-
“The ferrous scrap market in Bangladesh may improve from January onwards. Some LC approvals are taking place and small parcels of bookings may happen,” informed an official from a Bangladeshi mill.
“Pakistan’s ferrous scrap market may pick up steam toward the end of January or early February. The market is now characterised by low demand from buyers which is translating into lack of trade activity,” a Pakistan-based trader said.
“As the overseas prices are partially inflated due to the last round of deals in Turkiye, most market participants have currently adopted a wait-and-watch mode, majorly in India,” an
Indian scrap buyer observed.
SteelMint’s price assessment
- Europe-origin shredded scrap offers into India were at $443/t CFR Nhava Sheva, unchanged on a d-o-d basis.
- UK-origin shredded prices stood at $455/t CFR Chittagong, stable on a d-o-d basis from the last offers.
- UK-origin shredded scrap prices were at $440/t CFR Qasim, down by $3/t from previous offers.
Leave a Reply