The South Asian ferrous scrap market remained mostly silent as buying enquiries were lesser with no fresh deals heard.
The Indian ferrous scrap market saw offers for European shredded at $460/t whereas US-origin shredded scrap was at $450/t. The imported market was a bit dull as not too many buyers were currently active in India.
Similarly, the HMS grade for Nhava Sheva and Mundra remained between $440-$450/t for the day. Pakistan and Bangladesh markets were subdued due to slow finished steel sales.
Domestic prices were also down. Thus, if steel mills require, they can buy domestic material as well, due to the viable price range.
Turkish deep-sea import scrap prices fell in US bookings. The market remained slow after some deals were struck last week. “US/Baltic-origin HMS 1/2 (80:20) could move below $440-$445/mnt CFR in the near term, depending on finished steel export demand,” a Turkish source informed.
Price assessments
- Europe-origin shredded scrap offers into India stood at $460/t CFR Nhava Sheva, down by $8/t d-o-d.
- UK-origin shredded scrap prices in Bangladesh stood at $500/t CFR Chattogram, and remained the same as the last offers.
- UK-origin shredded scrap prices in Pakistan stood at $472/t CFR Qasim, slightly down by $2/t from previous offers.
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