South Asian ferrous scrap prices recovered slightly despite limited trade activities and tight scrap availability specifically in India and Bangladesh after last weekend.
However, a few buyers placed higher bids in line with increasing Turkish ferrous scrap prices and a few negotiations were also reported from market sources, which may keep prices supported in the near term.
Further, if judged on a daily basis, the induction-route Indian finished steel market is yet to recover. Moreover, construction activities could get affected due to the upcoming Holi festive holidays.
Bangladesh’s ferrous scrap market remained mostly silent after recent bookings for material of different origins were made at a comparatively lower price than before. Buyers are waiting for more clarity amid tight liquidity and the urgency to meet immediate requirements.
Pakistan’s ferrous scrap prices increased d-o-d but probability of instability is lurking still, as buyers are not getting any clear directions for trade yet.
“Pakistani businessmen met finance ministry officials to address payment and LC difficulties. The barter trade with Iran is assisting in keeping the supply-demand matrix for steel and other materials manageable. Iranians accept payment in Pakistani rupees, but international imports are still a challenge,” informed a Pakistani trader.
Price assessments
- Europe-origin shredded scrap offers into India are at $465/t CFR Nhava Sheva, unchanged d-o-d.
- UK-origin shredded scrap prices are at $492/t CFR Chittagong, slightly up by 2/t d-o-d.
- UK-origin shredded scrap prices are at $472/t CFR Qasim, also up by $2/t d-o-d.
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