The South Asian imported scrap market is facing some challenges in the form of power outages, and in the process mills are resorting to production cuts by 30-40%, especially in Bangladesh. Also, the political scenario in Pakistan is creating a sense of instability in the market. However, the market yet to resume post-Muharram holidays.
Market participants said it may take a month for the market to settle down because of the high conversion ratio against the dollar. Moreover, Bangladeshi buyers booked bulk cargo in today’s Kanto tender.
Meanwhile, Indian buyers held fresh booking as bulk cargoes booked in June are arriving.
SteelMint’s assessment of UK/Europe-origin scrap
- Europe-origin shredded prices in India stand at $490/t CFR Nhava Sheva, unchanged d-o-d.
- UK-origin shredded scrap prices stand at $475-480/t CFR Qasim, stable compared to yesterday’s prices.
- Shredded scrap prices are at $495/t CFR Chittagong, unchanged d-o-d.
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