South Asia: Imported ferrous market sluggish on soft sentiments
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The South Asian ferrous scrap market remained sluggish amid an uncertainty looming large. Indian market remained muted. In a similar vein, the Bangladesh market also failed to generate any positive vibes with a host of factors dampening traders' spirits.
India
In India, sellers are asking $440 for the shredded material. Low prices impacted overall market sentiment said people aware of the matter.
"Indian market looks muted with concerned sellers. Prices might drop further from now on. Market stability is unlikely at this juncture," said a reliable source while speaking to SteelMint.
"We can except shredded Europe at $430 and HMS (80:20) at $415 as the market is dull. West African HMS (80:20) remained at $415/t CNF Mundra, and for Chennai prices stood at $425/t. European shredded offer stood around $440/t for the day, HMS (80:20) Europe heard at $425/t," a buyer informed.
Pakistan
In Pakistan, domestic sentiments remained low with heavy rain impacting market activities. Hence, the Pakistani market remained silent.
"The shredded material was offered at $447/t. Around 1000 t of the shredded scrap was heard to be booked four days back. Domestic rebar prices stood at Pakistani Rupee (PKR) 270-275/t. The local market remained closed," a Pakistani mill official shared.
Players are coming into the market with lots of hopes. However, they are in jittery as the market remained depressed on account of inactivity in China and Turkiye. Nevertheless, buyers are going to buy because of lower inventory. Fresh offers were heard at $445-450, negotiations are on at $445-448/t.
It may be noted here that last week a deal of 4,000-5,000 t was concluded at $450-455/t.Deal: Around 1,000 tonnes of UK-origin shredded scrap has been booked recently at $450/t for CFR Qasim.
Bangladesh
Sellers are asking for containerized HMS (80:20) from Australia/UK at $430/t but buyers are bidding at $420/t for HMS (80:20). Offers for the UK shredded for the day stood at $460/t CNF Chattogram.
Turkiye
Market sentiments remained dull for the day. Sources informed SteelMint that prices might fall by $5-10/t from the $400/t range. "Everyone is waiting for 14 May when the Presidential election will take place. Thereafter, we can predict direction of prices," said an official representing a Turkish mill.Price assessments
- Europe-origin shredded scrap offers into India stood at $438/t CFR Nhava Sheva, down by $2/t d-o-d.
- UK-origin shredded scrap prices into Bangladesh stood at $460/t CFR Chattogram, unchanged d-o-d.
- UK-origin shredded scrap prices in Pakistan stood at $445/t CFR Qasim, down by $3/t from yesterday.
