South Asia’s imported scrap prices rose in tandem with the rising trend in the Turkish market although trade was mute except in India. According to SteelMint’s reliable sources, the Bangladesh ferrous scrap market is still quiet due to a lack of buying inquiries and the LC opening issue which has put importers in a challenging position. In contrast, the Indian market was robust, and eight vessels are anticipated to arrive at various ports across the country.
Additionally, India’s bulk ferrous scrap imports hit an all-time high level at 454,078 tonnes (t) in November 2022. The volumes increased by 35% m-o-m compared to 336,644 t in October. Lower bulk scrap prices over those of containers and a shortage of the material in the local market boosted imports. Major exporters were the UK and USA.
Recent trade
- Around 1,000 t of Europe-origin shredded scrap has been booked at $425/t CFR Nhava Sheva.
- Around 1,000 of Europe-origin HMS(80:20) scrap has been booked at $400/t CFR Nhava Sheva.
SteelMint’s price assessment
- Europe-origin shredded scrap offers into India were at $426/t CFR Nhava Sheva, unchanged d-o-d.
- UK-origin shredded prices stood at $440/t CFR Chittagong, unchanged d-o-d.
- UK-origin shredded scrap prices were at $430/t CFR Qasim, up by $2/t d-o-d.
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