South Asia: Ferrous scrap market remains silent as weak sentiments prevail

The South Asian ferrous scrap market remained largely silent due to weak sentiments and limited activities in the global market. The Indian ferrous scrap market was quiet during the day after a round of deals were concluded last weekend. The Pakistan market saw offers prevailing at levels similar to that of the previous day, but no deals were heard concluded. Meanwhile, Bangladesh’s imported scrap market remained silent too. South Asia’s scrap import market is likely to remain quiet this week in the absence of major suppliers during the winter holidays.

• • Europe-origin shredded scrap offers into India were at $445/t CFR Nhava Sheva, unchanged on a d-o-d basis.
  • UK-origin shredded scrap prices stood at $455/t CFR Chittagong, stable d-o-d.
  • UK-origin shredded scrap prices were at $440/t CFR Qasim, stable compared to previous offers.