The South Asian ferrous scrap market remained silent as major participants like India and Bangladesh saw no buying activities. Scrap import offers fell amid lack of trade. The Indian ferrous scrap market has been showing uncertainty, due to the financial year ending in March. Market activities may resume from April’s first week. Pakistan and Bangladesh trade remained quiet due to Ramadan observance.
“Domestic finished steel prices were down due to the month-end. Steel mills need to pay their due electricity payments,” a source from Pakistan informed.
Further, the Turkish market remained silent for the day. It was heard that a 20% cut in gas prices for industrial users, and another 15% cut in electricity prices for all users, from 1 April are likely, as per a recent announcement by the Turkish President.
Recent deal:
Around 1,000 t of Middle East-origin HMS (90:10) have been booked at $445/t, CFR Nhava Sheva.
Price assessments
- Europe-origin shredded scrap offers into India stood at $458/t CFR Nhava Sheva, down by $2/t d-o-d.
- UK-origin shredded scrap prices in Bangladesh stood at $498/t CFR Chattogram, $2/t down from the last offers.
- UK-origin shredded scrap prices in Pakistan stood at $472/t CFR Qasim, same as previous offers.
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