South Asia: Ferrous scrap prices remain higher d-o-d

South Asian ferrous scrap prices climbed up further d-o-d today amid elevated offers from the suppliers’ side.

Bangladesh’s ferrous scrap market saw bulk booking of material of Australian origin at lower prices. However, this South Asian market is still not fully active.

Pakistan’s ferrous scrap prices were up despite lower domestic scrap activities today and increasing finished steel prices.

Indian ferrous scrap prices increased further. However, deals remained absent at the current high offers. Market participants bought in nominal volumes ahead of Holi week.

Meanwhile, market participants stayed away as they fear payments will get stuck in the upcoming holiday week.

Price assessments

• Europe-origin shredded scrap offers into India were at $485/t CFR Nhava Sheva, significantly up by $15/t d-o-d.
• UK-origin shredded scrap prices were at $505/t CFR Chittagong, up marginally by $5/t d-o-d.
• UK-origin shredded scrap prices were at $492/t CFR Qasim, up by $5/t d-o-d.