The South Asian ferrous scrap market remained silent over lesser enquiries from major buyers like India and Bangladesh.
Some offers were heard at prices that were lower d-o-d due to lesser demand and domestic scrap was available at prices that were lower than imported offers.
The current price gap between imported and domestic is at almost INR 1,000-1,200/t because of which buyers are less interested in the imported material. Current prices of imported HMS (80:20) grade CNF Nhava Sheva are at INR 39,607/t while domestic HMS (80:20) DAP Mumbai remained at INR 38,500/t for the day.
Pakistan’s ferrous scrap market saw limited trade enquiries as buyers are not active at the current offer which is $490/t for shredded grade of Europe origin.
Similarly, Bangladesh’ ferrous scrap prices remained stagnant for the day as offers remained the same with no deals heard.
Turkish deep sea import scrap prices remained constant.
“The market is quiet, and the mills are waiting. However, there is no panic on the sellers’ side,” a Turkish source said, giving a market value of $455-$460/t CFR Turkiye for US-origin HMS (80:20).
Price assessments
- Europe-origin shredded scrap offers into India stood at $475/t CFR Nhava Sheva, sharply down by $13/t d-o-d.
- UK-origin shredded scrap prices stood at $515/t CFR Chattogram, unchanged d-o-d.
- UK-origin shredded scrap prices stood at $490/t CFR Qasim, unchanged from previous offers.
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