The South Asian scrap market remained mostly quiet. The imported scrap market was muted with no fresh deals heard.
Indian ferrous scrap prices were mostly unchanged as no major activities came to the fore, today.
Domestic ferrous scrap prices remained volatile in India because western and northern regions saw positive price corrections. Prices remained largely stable in the central and southern regions from the last closing on Saturday.
Despite declining offers, Pakistan and Bangladesh-based mills opted to wait and watch amid the ongoing Ramadan month. As a result, movement in domestic market slowed down.
On the other hand, restrictions imposed on opening Letters of Credit (LCs) may get tightened in the near term in Bangladesh. “If buyers procure scrap material actively, LCs transit may take 30-40 days,” sources aware of the matter shared to SteelMint.
Price assessments
- Europe-origin shredded scrap offers into India stood at $468/t CFR Nhava Sheva, unchanged d-o-d.
- UK-origin shredded scrap prices in Bangladesh stood at $500/t CFR Chattogram, remained same as the last offers.
- UK-origin shredded scrap prices in Pakistan stood at $473/t CFR Qasim, slightly up by $1/t from previous offers.
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