The imported ferrous scrap market in South Asia exhibited a moderate response with offers moving northward d-o-d. Trades for the Indian ferrous scrap market were absent as previous bulk arrivals kept buyers away from making fresh bookings. The domestic market remained unsupportive but some deals were concluded at a price range of $440-445/t for materials of Middle East and Singapore origin.
Pakistan’s ferrous scrap market is seeing high offers from suppliers but buyers are resisting that price. However, deals were concluded at lower than the offer prices yesterday. Bangladesh’s ferrous scrap market, on the other hand, maintained silence on high offers and LC opening issues.
“Because of the upcoming Christmas and New Year holidays, the market is currently too busy. No suppliers are ready to deliver in January due to lack of materials in the market, which will result in a further increase in prices,” revealed a market participant from India.
Today’s deals:
- Around 3,000 t of shredded scrap of Europe-origin was booked at a price of $435/t CFR Qasim.
- Around 600 t of HMS (80:20) scrap of Middle East origin was booked at a price of $440/t CFR Mundra.
- Around 1,500-2,000 t of HMS (80:20) scrap of Singapore origin was booked at a price range of $400-445/t CFR Mundra.
SteelMint’s price assessment
- Europe-origin shredded scrap offers into India were at $445/t CFR Nhava Sheva, up by $5/t d-o-d.
- UK-origin shredded prices stood at $458/t CFR Chittagong, significantly up by $10/t d-o-d.
- UK-origin shredded scrap prices were at $447/t CFR Qasim, unchanged from the previous price.
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