South Asia: Ferrous scrap market remains silent amid higher Indian offers

The South Asian ferrous scrap market remained silent for yet another day. Offers were high and thus not workable, said market participants.

Indian offers remained higher by $10-20/tonne (t) across grades and origins but deals were still absent for the day due to limited buying enquiries.
Pakistan’s ferrous scrap market is surviving the challenging times characterised by currency depreciation and financial collapse on the basis of increasing prices of finished steel products.

The Bangladesh market participants are seeking International Monetary Fund (IMF) loans in an effort to inject some liquidity into the market that has fallen silent amid nil trade.

Price assessment

• Europe-origin shredded scrap offers into India were at $475/t CFR Nhava Sheva, abruptly up by $15/t d-o-d.
• UK-origin shredded scrap prices stand at $475/t CFR Chittagong, slightly up by $2/t compared to the last offers.
• UK-origin shredded scrap prices were at $470/t CFR Qasim, up by $5/t d-o-d.