Import prices for ferrous scrap remained high despite low sentiments for trade in South Asia. Bangladesh’s scrap market depicted a rise in offer prices of scrap as on the return of Türkiye for buying last week. Türkiye announced 3-4 months are required to rebuild the cities destroyed due to the earthquake. The first preference of the government to reconstruct the earthquakes hit houses on 200-250 thousand meters in the first tender for February 22, 2023. More demand from Türkiye a big reason for the jump in scrap metal prices globally.

Pakistan has a liquidity crunch, rupee depreciation, and problems with new LC openings. Finished steel prices steeply rose, and scrap prices increased by $10-15 per ton.

The finished steel market in India has improved sentiments. Scrap supply is sufficient for the current need of the mills. Large steel mills are staying at the same offer prices; trade prices are lower than those. A hike is expected in the current week due to increased demand by Turkey. Price Analysis based on the day-to-day market as follows:

Offer prices for UK-origin shredded scrap have a marginal increase on the day-to-day market at $500/MT CFR Chittagong, Bangladesh.

UK-origin shredded scrap prices rose to $15/MT at $487/MT CFR Port Qasim, Pakistan.

Europe-origin shredded scrap offer prices in India showed a marginal increase of $5/MT at $470/MT CFR Nhava Sheva, India.