South Asia: Ferrous scrap prices inch down amid dull market trends

The south Asian ferrous scrap market remained less active today with limited deals heard. Prices went down slightly compared to last offers. Buyers in the Indian market remained silent with low trades concluded but prices were still high. Pakistani buyers remained silent too following a few rounds of bookings last week. Buyers in Bangladesh were inactive due to LCs opening issues and liquidity concerns in the market.

“The market may gain some traction after the New Year. The Indian ferrous scrap market is currently on hold due to low interest from buyers,” an Indian trader source informed.

Today’s deal :

• Around 550 t of shredder scrap of Europe origin was booked at a price of $450/t CFR Nhava Sheva.

• Europe-origin shredded scrap offers into India were at $448/t CFR Nhava Sheva, stable on a d-o-d basis.
• UK-origin shredded prices stood at $463/t CFR Chittagong, down by $2/t from the last offer prices.
• UK-origin shredded scrap prices were at $443/t CFR Qasim, a $2/t down from previous offers.