South Asia: Imported scrap markets turn bearish as prices fall

Imported scrap prices in South Asian market fell today due to a huge disparity in bids and offers. Demand is there in the market but buyers are hesitant to book at the current offers. However, Pakistani mills booked some volumes yesterday in the late evening.

• A total of 5,000 t of premium quality shredded in containers were sold at $520-522/t, CFR Qasim. SteelMint’s assessment for UK-origin shredded scrap stands at $520/t CFR Qasim, unchanged d-o-d.
• SteelMint’s assessment for UK-origin shredded scrap stands at $548/t CFR Bangladesh, a drop of $2/t d-o-d.
• As per SteelMint’s assessment, Europe-origin shredded scrap stands at $525/t CFR Nhava Sheva, down $3/t d-o-d.