South Asia: Imported scrap buyers turn cautious, no deal concluded

After the recently concluded Turkiye deal, imported ferrous scrap buyers in South Asian countries turned cautious and opted for a wait-and-watch mode for clear market directions. Also, the upcoming winter holidays in UK/Europe may affect the market, sources revealed.

While the sharp currency devaluation in Pakistan and Bangladesh have made sentiments bearish, scrap suppliers have shifted their interest towards India. However, buyers are hesitating due to the unstable market conditions.

• SteelMint’s assessment of UK-origin shredded scrap stands at $455-460/t CFR Qasim, unchanged d-o-d.
• SteelMint’s assessment of UK-origin shredded scrap stands at $475/t CFR Chittagong, down by $5/t against yesterday’s price.
• Shredded scrap prices into India stood at $460/t CFR Nhava Sheva, a fall of $3/t d-o-d.