South Asia: Imported scrap offers firm, market witnesses panic selling

South Asia’s imported scrap market remained largely stable d-o-d. Pakistani buyers continued to book containerised scrap material. Meanwhile, Bangladeshi suppliers are panic to sell at discounted offers as the financial year-end is approaching. Additionally, the upcoming Eid al-Adha holidays in the first week of July are likely to keep market activities slow in Bangladesh.

• In recent deals, around 1,000 tonnes (t) each of shredded material was booked at $410/t, $418/t, and $425/t, CFR Qasim basis. SteelMint assessment of shredded scrap in container stood at $425/t CFR Qasim, unchanged d-o-d.
• Fresh UK-origin containerised shredded scrap is being quoted at $455-460/t CFR Chittagong, down $5/t d-o-d.
• SteelMint’s assessment for UK-origin shredded scrap stands at $432/t CFR Nhava Sheva, marginally down by $3/t d-o-d.