South Asia’s ferrous scrap market continued to remain silent, with no deal being recorded amid negative market sentiments. Prices fluctuated abruptly. Indian ferrous scrap prices rose, although the import market was silent with no deal heard today. Pakistan is facing a critical situation with restrictions on LC openings and the Bangladesh market continues to remain dull over the last few days.
“Trade flows in the Indian market are not very steady and bulk arrivals might disturb the demand-supply balance. The market is a bit slow compared to the previous week”, an Indian trader source stated.
Price assessment
- Europe-origin shredded scrap offers into India are at $455/t CFR Nhava Sheva, up $3/t.
- UK-origin shredded scrap prices stand at $470/t CFR Chittagong, down $5/t compared to last offers.
- UK-origin shredded scrap prices are at $460/t CFR Qasim, unchanged d-o-d.
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