South Asian ferrous scrap prices remained largely stable d-o-d as major market participants like Bangladesh and India saw limited deals at lower prices. For Pakistani buyers, LC openings remain a contentious issue. On the other hand, it has been learnt that the Board of China Development Bank has approved a package of $700 million in Pakistan’s support which might ease currency concerns somewhat. However, the situation is expected to take months to normalise.
In India, the finished steel market remained slow, with bid-offer disparities still prevailing. Some steel manufacturers are selling at lower prices and a few buyers are procuring as per their immediate requirements.
Price assessments
- Europe-origin shredded scrap offers into India are at $460/t CFR Nhava Sheva, unchanged d-o-d.
- UK-origin shredded scrap prices are at $495/t CFR Chittagong, stable d-o-d.
- UK-origin shredded scrap prices are at $470/t CFR Qasim, also unchanged d-o-d.
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