South Asia’s imported scrap market remains under pressure as buyers are quiet and limited deals were heard. The market in India is still unsupportive due to scrap shortage owing to which buyers may resume bookings for imported scrap sooner or later.
India imported 1.07 mnt of ferrous scrap in October, out of which 336,644 t was bulk scrap, as per Customs data maintained with SteelMint. The US continues to be the largest supplier at 309,976 t followed by the UK at 173,695 t and the Netherlands at 65,428 t.
Pakistan’s imported scrap market also witnessed a few trades despite limited finished steel demand, whereas Bangladeshi buyers remained silent on higher input costs and production cuts.
Recent trades
- Around 4,000 t of shredded scrap of Europe origin was traded at $412-415/t CFR Qasim.
SteelMint’s price assessment
- Europe-origin shredded scrap offers into India were at $415/t CFR Nhava Sheva, down $5/t d-o-d.
- UK-origin shredded scrap prices were at $418/t CFR Qasim.
- UK-origin shredded prices were $445-450/t CFR Chittagong.
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