South Asia: Imported ferrous scrap market remains bearish

South Asian imported scrap prices fell continuously amid very limited trade. Mills turned cautious about booking material due to the approaching monsoon.

Meanwhile, Indian imported scrap prices continued to move downwards, owing to the availability of other more cost-competitive substitute materials in the market.

• Around 500 tonnes (t) of shredded was booked at $482/t levels. SteelMint’s assessment for UK-origin shredded scrap stands at $480/t CFR Qasim, down $5/t d-o-d.
• SteelMint’s assessment for UK-origin shredded scrap stands at $525/t CFR Bangladesh, falling by $5/t d-o-d.
• As per SteelMint’s assessment, Europe-origin shredded scrap prices stand at $495/t CFR Nhava Sheva, unchanged d-o-d.

Currencies weaken against the dollar: Pakistani rupee (PKR) has hit 207 against the US dollar today in the currency exchange market. Also, BDT depreciated to 92.9 and INR to 78 against $.