South Asia’s imported scrap market shows mixed sentiments today. India continued imported scrap booking on the back of improved demand for finished steel and strong domestic scrap prices on a shortage of material in the domestic market.
In the meantime, Pakistan and Bangladesh-based buyers remained on the sidelines from booking any fresh cargo due to domestic currency weakening, buyers prefer the domestic material to restock for prompt shipments. However, due to scrap shortages in the local market, prices strengthened.
SteelMint’s assessment of UK/Europe-origin scrap
- Europe-origin shredded scrap prices in India stood at $460-465/t CFR Nhava Sheva, unchanged against last week’s closing.
- UK-origin shredded scrap stands at $460-465/t CFR Qasim, stable compared to last week’s closing.
- Shredded scrap stands at $480/t CFR Chittagong, up sharply by $5/t against last week’s closing.
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