The South Asia’s ferrous scrap market maintained a continued silence in today’s trading session with limited buying activities. Meanwhile, following global cues, imported scrap prices in the region moved higher. However, no deals have been recorded.
Indian scrap buyers continued the wait-and-watch approach. Even as prices remained high, dull finished steel sentiments kept trade activities slow.
The Pakistan’s market remained volatile as currency depreciation led to a hike in prices of scrap as well as finished steel and steel mills were unable to find ways to continue trade.
Similarly, the Bangladesh’s market remained silent with prolonged subdued sentiments and liquidity issues. Trade remained absent.
Price assessment
- Europe-origin shredded scrap offers into India were at $475/t CFR Nhava Sheva, unchanged d-o-d.
- UK-origin shredded scrap prices stood at $485/t CFR Chittagong, up by $10/t compared to previous offers.
- UK-origin shredded scrap prices were at $473/t CFR Qasim, up by $3/t d-o-d.
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