South Asia: Imported ferrous scrap market softens amid muted activity

The scrap market in South Asia remained silent at the start of the week due to the bid-offer discrepancy. Also, the currency devaluation adversely impacted the Pakistan market. Bangladeshi mills have booked two bulk cargoes from US-based suppliers last weekend as offers fell further. The cargoes comprised a mix of HMS 1&2 (80:20) booked at $490/t CFR and shredded scrap was sold at $495/t CFR Chittagong.

• SteelMint’s assessment for UK-origin shredded scrap in containers stands at $515-520/t CFR Qasim, down by $2/t compared to the previous week-end.
• SteelMint’s assessment for UK-origin shredded scrap in containers stands at $548/t CFR Bangladesh, unchanged against last week.
• As per SteelMint’s assessment, Europe-origin shredded scrap in containers stands at $520-525/t CFR Nhava Sheva, largely stable against the previous week’s closing.