South Asia’s ferrous scrap market remained inactive today amid some deals struck by Bangladeshi buyers at prices lower than the offers being floated at present. Overall, prices moved in a narrow range.
Where India is concerned, the imported ferrous scrap market remained slow. Offers inched up by $4-5/t. Buyers remained silent as domestic raw material prices were lower compared to imported scrap.
Domestic ferrous scrap and finished steel prices inched up d-o-d. However, no major activities were heard during today’s trading session.
Bangladesh’s imported scrap market witnessed a slight price change amid limited activities. Some deals were heard from Hong Kong being more cost-effective. Participants preferred to wait and watch the buying trends in Turkiye to get clarity on the market.
Pakistan’s ferrous scrap market was being silent for yet another day with the political turmoil and lowering of offers as compared to yesterday.
Recent deals:
A 500-tonne (t) parcel of Hong Kong-origin HMS bundles was booked at $460/t CFR Bangladesh.
Around 500 t of US-origin shredded was booked at $505/t, CFR Bangladesh.
Price assessments
- Europe-origin shredded scrap offers into India stood at $468/t CFR Nhava Sheva, slightly up by $3/t d-o-d.
- UK-origin shredded scrap prices in Bangladesh stood at $510/t CFR Chattogram, unchanged from last offers.
- UK-origin shredded scrap prices in Pakistan stood at $483/t CFR Qasim, down $5/t from previous offers.
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