Indian imported scrap buyers resumed bulk cargo bookings recently. Around 32,000 t of mixed bulk cargo was booked from USA. The cargo, comprising 14,000 t of shredded, 10,000 t of bonus and 8,000 t of HMS 1&2 (80:20), was booked at an average price of $425-430/t CFR levels for two port discharges, Chennai and Kandla, sources informed. The drop in offers and weak buying in Turkey have made suppliers active in South Asian markets.
Meanwhile, South Asia’s containerised imported scrap market saw a few trades, largely in Pakistan. India and Bangladesh markets remained slow due to volatility and heavy rainfall.
- Around 3,500 t of Europe-origin HMS was traded at $450-460/t, CFR Qasim. SteelMint’s assessment of UK-origin shredded scrap stands at $455-460/t CFR Qasim, down by $6/t against yesterday’s price.
- Around 2,000 t of USA-origin shredded was booked at $470/t CFR Mundra basis earlier in the week. Shredded scrap prices into India stood at $465-470/t CFR Nhava Sheva, down by $7/t d-o-d.
- SteelMint’s assessment of UK-origin shredded scrap stands at $485/t CFR Chittagong, falling by $2-3/t d-o-d.
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