South Asia: Import scrap market muted; Bangladeshi buyers active

The South Asian ferrous scrap market saw mixed sentiments, with offers edging lower compared to the last trading day on limited buying.

The Indian ferrous scrap market remained almost silent and buying enquires were muted. Pakistan’s ferrous scrap prices were stable with higher finished product prices but deals are absent amid currency depreciation. Moreover, cash flow in the market is so constrained that trades have dried up.

“Bangladeshi buyers booked some containers from other locations instead of regular destinations like UK or Europe due to quality concerns,” a Bangladeshi buyer source informed.

The Turkish ferrous scrap import market remained dormant this week at least amid the devastation caused by the earthquake to major ports and mills.

Recent deals:

• Around 1,500 t of PNS from Hong Kong was sold at $505/t CFR Bangladesh.
• 500 t of shredded US-origin scrap was booked $475/t CFR Bangladesh.
• Around 250 t of PNS from Singapore was booked at $495/t CFR Bangladesh.

Price assessments

• Europe-origin shredded scrap offers into India were at $465/t CFR Nhava Sheva, down $2/t d-o-d.
• UK-origin shredded scrap prices stood at $495/t CFR Chittagong, unchanged compared to previous offers.
• UK-origin shredded scrap prices were at $473/t CFR Qasim, unchanged d-o-d.