South Asian ferrous scrap buyers extended silence during winter holidays worldwide. But offers have moved up due to material shortage; however, industry participants believe that this is a temporary hike and prices will soon come down due to limited trade activities. Indian ferrous scrap market is quiet, waiting for a clearer market vision. Pakistan’s ferrous scrap market remains silent following global cues. Bangladesh is still struggling with LC opening issues and is totally out of the market.
“Currently, there is low movement in the Indian market, but prices likely to remain steady. After the first week of January, there will be new bookings”, an Indian trader source informed.
SteelMint price assessment
- Europe-origin shredded scrap offers into India were at $447/t CFR Nhava Sheva, $2/t up on a d-o-d basis.
- UK-origin shredded scrap prices stood at $460/t CFR Chittagong, increased by $5/t d-o-d.
- UK-origin shredded scrap prices were at $447/t CFR Qasim, $7/t up as compared to previous offers.
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