South Asia’s imported ferrous scrap market turned volatile amid approaching festivals, political instability, currency devaluation and the liquidity crises. Market participants informed that Indian buyer are booking only hand to mouth, and that market directions will get clearer after Diwali.
In Pakistan, demand for steel is extremely low and that is why primary mills have cut production and some have even stopped output due to low demand.
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 $450-455/t CFR Nhava Sheva.
- The UK-origin shredded prices are unchanged at $480-485/t CFR Chittagong.
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