South Asia: Imported ferrous scrap market sees mixed trend; further corrections unlikely

South Asian countries exhibited a mixed trend in the imported ferrous scrap market. Pakistan and Indian buyers turned active today with a few deals being concluded.  However, Bangladeshi buyers maintained silence due to the continuous currency depreciation. A few sources believe that the market has bottomed out and will not see any further corrections.

• Pakistan’s imported shredded scrap prices of UK-origin are assessed at $531/t, CFR Pakistan, largely stable. Around 1,500 t of deals were concluded for Europe-origin shredded scrap and, in another deal, around 3,000 t of distressed cargo was sold at $515/t CFR Qasim.
• A deal for 2,400 t of HMS (80:20) of Dubai origin was concluded at 510-515/t, CFR Nhava Sheva. SteelMint’s assessment of Dubai HMS (80:20) is set at $515/t CFR, Nhava Sheva.
• Imported scrap offers in Bangladesh continue to fall. However, buyers remained pessimistic about concluding any deal.
• Fresh offers for UK-origin shredded are at $550-555/t CFR Chittagong levels, down by $5-10/t d-o-d.