South Asia’s imported ferrous scrap prices increased on higher offers. Bangladesh’s scrap market saw a hike in offers on the back of the Turkish buying rush last week. Pakistan’s market still faces liquidity crunch, difficulties with new LC openings followed by steep finished products prices. So, scrap prices were mostly on the higher side by $10-15/t compared with last offers.
The Indian finished steel market saw improved sentiments. The major mills are not lowering their offers yet trades are taking place at lower prices, mostly need-based buying is being observed.
Scrap availability is adequate in most Indian markets. Imported scrap demand may improve in the near term and participants expect further price hike this week.
Price assessments
- Europe-origin shredded scrap offers into India are at $470/t CFR Nhava Sheva, up $5/t d-o-d.
- UK-origin shredded scrap prices are at $500/t CFR Chittagong, up marginally d-o-d.
- UK-origin shredded scrap prices are at $487/t CFR Qasim, a significant increase of $15/t d-o-d.
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