South Asia’s ferrous scrap market remained volatile with prices fluctuating. The bid-offer disparity was seen in the key markets except Pakistan which led to fewer deals getting concluded. The key market indicator Turkiye has also started buying at higher levels.
Finished steel demand in the Indian domestic market remained moderate which resulted in small parcel deals getting concluded. Overall, the imported ferrous scrap market remained slow d-o-d.
In Pakistan, imported ferrous scrap prices inched down and the market was bearish amid low finished steel sales. Meanwhile, in Bangladesh, imported scrap offers remained high and limited deals were heard.
Recent deal-
Around 1,000 t of Middle East-origin HMS (90:10) has been booked at $465/t CFR Nhava Sheva.
Price assessments-
- Europe-origin shredded scrap offers into India stood at $480/t CFR Nhava Sheva, down by $4/t d-o-d.
- UK-origin shredded scrap prices stood at $525/t CFR Chattogram, up sharply by $17/t d-o-d.
- UK-origin shredded scrap prices stood at $490/t CFR Qasim, down by $3/t from previous offers.
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