South Asia’s ferrous scrap markets remained subdued where prices on offer were similar to yesterday’s.
However, the Indian market may see a price increase of $5-6/tonne over the next few days as sellers are receiving better buying inquiries. Meanwhile, some smaller mills are continuing their bookings for the prompt requirement of scrap to fulfil project deadlines ahead of the financial year closure.
Turkish ports are partially functional at present, in the aftermath of the earthquake. Buyers are also procuring in moderate volumes, but at lower prices which resulted in deep sea scrap prices dropping by $5-6/t.
Pakistan’s ferrous scrap market remained out of action with null buying activities seen as the country grapples with financial instability.
Bangladeshi buyers are expected to come back to the market by March and participants are optimistic that the cash flow will improve after a long lull that can be traced back to the latter part of last year.
Price assessments
- Europe-origin shredded scrap offers into India were at $455/t CFR Nhava Sheva, unchanged d-o-d.
- UK-origin shredded scrap prices stood at $493/t CFR Chittagong, same as the previous offer.
- UK-origin shredded scrap prices were at $463/t CFR Qasim, similar to the last offer.
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