South Asia: Ferrous scrap market shows negative sentiments as trades slow down

South Asia’s ferrous scrap market remained mostly silent as negative sentiments prevailed. Trades slowed down in major countries such as Pakistan and Bangladesh mostly due to problems over opening of new LCs, which are impacting the steel industry adversely.

Market participants expect imported scrap offers to edge down as a temporary lull has descended on the Turkish market and buyers would prefer to wait and watch. Meanwhile, the Indian market witnessed prices remaining stable; buyers in the northern region were quiet today due to the Lohri festival.

Trades for Bangladesh remain in the realm of speculation and are yet to be confirmed, while Pakistani buyers grapple with liquidity issues.

• Europe-origin shredded scrap offers into India are at $460/t CFR Nhava Sheva, stable d-o-d.
• UK-origin shredded scrap prices stand at $475/t CFR Chittagong, unchanged compared to previous offers.
• UK-origin shredded scrap prices are at $463/t CFR Qasim, unchanged compared to previous offers.