South Asia: Ferrous scrap market shows mixed trends as Indian traders close deals

South Asia’s ferrous scrap trade showed mixed sentiments. The Indian market saw some deals being clinched during the day at around INR 445-450/t, making it the busiest  among all the markets.

Meanwhile, Bangladeshi buyers remained silent with their LC opening issues persisting. In addition, bulk offers increased following global cues. Pakistani ferrous scrap offers hovered at around $447-450/t, witnessing no deals for the day.

“Since they cannot open an LC, no buyer has accepted any offers. Some word-of-mouth offers are currently circulating in the market but everyone is sitting still,” informed a Bangladeshi trader.

Recent deals:

• Around 1,180 t of containerised shredded scrap of Europe-origin was booked at a price range of $445-450/t CFR Nhava Sheva.
• Around 500 t of containerised HMS (80:20) scrap of Europe-origin was booked at $415/t CFR Nhava Sheva.

• Europe-origin shredded scrap offers into India were at $448/t CFR Nhava Sheva, stable d-o-d.
• UK-origin shredded prices stood at $465/t CFR Chittagong, up by $7/t d-o-d.
• UK-origin shredded scrap prices were at $447/t CFR Qasim, unchanged d-o-d.