South Asian ferrous scrap prices remained mostly silent at the beginning of the week, as major market India heard some deals last week at lower prices than current offer levels. Indian market is having low to moderate demand with mixed sentiments d-o-d.
Pakistan’s ferrous scrap market remained silent for the moment as small deals were heard last week. Current shredded offer levels are hovering at $493-495/t for Europe-origin.
Similarly, Bangladeshi ferrous scrap indicative for the day remained higher as compared to the previous offer. Because sellers are optimistic about the high price but the response from the buyers’ side remained inappropriate.
Indian domestic ferrous scrap market remained stable mostly with moderately active semi-finished and finished steel market with minor price revisions for the day.
Turkish ferrous scrap prices edged down in recent deals as mills tried to lower prices further. Despite this, suppliers still held bullish targets with higher offers.
Recent deal:
Around 2,500 t of containerised Middle East-origin HMS(80:20) scrap has been booked at $450/t CFR Nhava Sheva with 2,000 t and the rest at $460/t on CFR Nhava Sheva.
Price assessments
- Europe-origin shredded scrap offers into India stood at $484/t CFR Nhava Sheva, up by $4/t d-o-d.
- UK-origin shredded scrap prices stood at $508/t CFR Chattogram, slightly up by $3/t d-o-d.
- UK-origin shredded scrap prices stood at $493/t CFR Qasim remained the same as previous offers.
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