South Asia’s imported scrap trade remained inactive amid disparities in offers and bids. Offers for India’s imported ferrous scrap prices increased on a d-o-d basis. However, the market largely witnessed inactivity due to low demand among scrap buyers.
Pakistan’s ferrous scrap market is also silent with not-so-good demand and, buying is not feasible at available offers, coupled with LC and liquidity issues.
“The domestic market is witnessing very weak demand. Imported scrap prices are expected to increase if the rupee devalues more against the dollar,” a market participant from Pakistan informed SteelMint.
Meanwhile, Bangladeshi buyers are largely absent from the imported scrap market due to LC opening restrictions.
SteelMint’s price assessment
- Europe-origin shredded scrap offers into India were at $420-425/t CFR Nhava Sheva, up by $8/t d-o-d.
- UK-origin shredded prices stood at $441/t CFR Chittagong, unchanged.
- UK-origin shredded scrap prices were at $420-425/t CFR Qasim, up by $3/t from the last offer prices.
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