South Asia: Ferrous scrap prices inch down in absence of buyers

The South Asian ferrous scrap market has been silent towards the weekend. Prices inched down slightly as compared to the previous day's offers. Trades are not active across South Asian countries. Buyers are looking for material at discounted prices, but due to shortage, suppliers are resisting lowering their offers.

Turkish mills have been absent after a round of bookings and this has reduced prices slightly.

Trade activities in the Indian market remain limited due to subdued demand from end-users whereas Pakistan remains sidelined on less active buying, waiting for better prices. Bangladesh remained silent after a few small deals concluded yesterday due to its Independence Day celebrations and the market there is still suffering from LC restraints.

"Ferrous scrap prices are expected to remain range-bound due to modest activities in the Indian market at present," an Indian market participant stated.

Today's deal:

• Around 550 tonnes (t) of containerised shredded scrap from Europe have been booked at $445/t CFR Nhava Sheva.
  
  

• Europe-origin shredded scrap offers into India were at $448/t CFR Nhava Sheva, unchanged d-o-d.
  
  
• UK-origin shredded prices stood at $465/t CFR Chittagong, slightly down by $3/t d-o-d.
  
  
• UK-origin shredded scrap prices were at $447/t CFR Qasim, a decrease of $2/t from previous offers.