Published on 02 June 2024

The ferrous scrap market in South Asia has been experiencing a mixed trend recently. Amidst expectations of a potential decline in offers, Indian buyers have been cautious in reserving large quantities of imported scrap.

Shredded scrap offers from the US, Europe, and the UK were valued at $415–418/t CFR Nhava Sheva, while prices for HMS (80:20) ranged from $395–400/t CFR. This cautious approach by Indian buyers indicates the volatile nature of the global scrap market and its uncertainties.

Despite constraints on the local market, Pakistan’s demand for imported scrap remained modest. The erratic nature of the offerings made buyers uneasy, reflecting the challenges faced by the industry in a rapidly changing global market. Offers for shredded scrap from the UK and Europe were heard from $415–420/t CFR Qasim.

In the local market, rebar prices were reported at PKR 255,000–257,000/t, while local scrap prices were evaluated at PKR 150,000/t. These figures highlight the disparity between local and international prices, further complicating the decision-making process for buyers.

In conclusion, the mixed trend in the number of imported ferrous scraps offered in South Asia reflects the complex dynamics of the global scrap market. Buyers in the region are navigating these complexities with caution as they balance their immediate needs with future uncertainties. As the market continues to evolve, it will be interesting to see how these trends develop and what strategies buyers will adopt in response.