South Asia: Imported ferrous scrap market dull on limited booking

Lack of demand in the spot market slowed down ferrous scrap bookings in South Asian countries. Mills have sufficient inventory available with them, so they are not in a rush to book material. Meanwhile, the Pakistani economy is badly impacted by floods and the country still needs time to recover.

SteelMint’s price assessment

• The UK-origin shredded scrap prices are at $450/t CFR Qasim.
• Europe-origin shredded scrap offers to India are at $455-460/t CFR Nhava Sheva, marginally down by $2/t against last closing.
• The UK-origin shredded prices are unchanged at $480-485/t CFR Chittagong.