The South Asian ferrous scrap market saw tardy movement for yet another day, as buyers in India and Bangladesh remained almost silent with low buying activities being witnessed. A deal, however, was concluded for Pakistan at a level similar to previous offers.
A few buyers in India kept a close watch on the market dynamics ahead of taking procurement decisions as bid-offer disparity still remains. Meanwhile, Pakistani buyers struggled with LC opening restrictions which hampered trading activities.
Imported scrap prices have decreased slightly d-o-d as negotiations slowed down due to LC issues.
Recent deal:
Around 1,000 t of containerised shredded scrap of European origin was booked at $462/t CFR Qasim.
SteelMint’s price assessments
- Europe-origin shredded scrap offers into India are at $460/t CFR Nhava Sheva, stable d-o-d.
- UK-origin shredded scrap prices stand at $475/t CFR Chittagong, down $3/t compared to previous offers.
- UK-origin shredded scrap prices are at $463/t CFR Qasim, down $2/t compared to previous offers.
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