The South Asian ferrous scrap market remained slow as major participants such as Bangladesh and India were inactive today. Pakistan’s ferrous scrap market also observed an extended silence as the steel mills hiked prices amid acute liquidity crunch.
Major Indian mills are drawing back from new bookings and have adopted a wait-and-watch approach for the moment, while negligible trades have been reported at discounted rates.
As per Indian sources, imported scrap availability in the southern region is more due to recent bulk arrivals. The finished steel market is slow which indicates that near-term prices may remain rangebound.
Around 265,000 t of different grades of scrap has been imported through bulk carriers by major mills in February till now, mostly from the US, UK, and Venezuela.
Turkish deep-sea import scrap prices rose to an 8-month high as suppliers are holding back offers, targeting $440-$445/t CFR in the short term. A few deals were heard at higher prices recently from the Baltic, UK/Europe origin.
Recent deal:
Around 500 t of containerised shredded scrap from Europe was booked at $455/t CFR Nhava Sheva.
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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