South Asian ferrous scrap buyers today remained active, with deals being reported at higher prices, against the backdrop of an active global scrap market. Bangladesh-based mills booked two bulk scrap cargoes from the US and Australia after a prolonged gap of five months. Prices remain high on healthy demand and supply tightness.
The Indian import market saw a lone deal at the previous offer price, while a few bulk deals from the US had been recorded last week. Further, a couple of deals to Pakistan at two different price ranges were reported with a gap of $7/t.
Recent deals:
- A bulk cargo from the US consisting of 32,000 t of HMS(80:20) and shredded was booked at $448/t and $458/t, respectively, on CFR Bangladesh basis.
- Similarly, from Australia, another bulk cargo comprising 30,000 t of HMS (80:20) and shredded scrap was booked at $445/t and $465/t CFR Bangladesh, respectively.
- Around 1,000 t of containerised shredded scrap of Europe origin was booked at $458/t CFR Nhava Sheva.
- Around 4,000 t of Europe-origin containerised shredded scrap was booked at a price range of $458-465/t CFR Qasim
SteelMint’s price assessments
- Europe-origin shredded scrap offers into India are at $458/t CFR Nhava Sheva, unchanged d-o-d.
- UK-origin shredded scrap prices stand at $473/t CFR Chittagong, an increase of $3/t compared to previous offers.
- UK-origin shredded scrap prices are at $465/t CFR Qasim, largely unchanged compared to previous offers.
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