Limited finished steel market pulled down South Asia’s imported ferrous scrap prices today. Currently, buyers are holding back booking due to increasing production costs. In India, mills are also holding back owing to national currency depreciation and the previously booked vessels are arriving at Kandla and Chennai port. Whereas, Pakistan and Bangladesh’s market is mostly silent.
Recent trades
- Around 1,200 t shredded scrap is booked at $450/t, CFR Nhava Sheva.
- A total of 4,500 t shredded scrap is being traded at $450/t, CFR Qasim in the last couple of days.
- Around 170,000 t of bulk scrap has already been imported in Oct’22 from USA to Chennai and Kandla port, as per SteelMint’s record.
SteelMint’s price assessment
- The UK-origin shredded scrap prices are at $450/t CFR Qasim, down by $8/t d-o-d.
- Europe-origin shredded scrap offers to India are at $460/t CFR Nhava Sheva.
- The UK-origin shredded prices are unchanged at $480t CFR Chittagong, down by $3/t d-o-d.
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