Despite slow trading activities, South Asia’s imported scrap prices remain strong towards the weekend. Turkiye has resumed booking at increased prices for January second-half shipments. Hence, suppliers kept their offers high, although shipments will resume after the winter holidays.
Indian mills optioned to wait and watch, due to limited offers available on the market. Suppliers are mostly out of the market due to vacations. Meanwhile, Pakistani buyers kept increasing their rebar prices due to raw material shortage and high input costs. Further, Bangladeshi buyers are likely to increase fresh bookings after the holidays and are waiting for a clearer market picture.
“The Indian market is showing negative sentiments, as no fresh deals ha been reported. Previously-booked vessels are connecting to Indian ports,” said an Indian scrap trader.
SteelMint’s price assessment
- Europe-origin shredded scrap offers into India were at $445/t CFR Nhava Sheva, slightly up by $2/t on a d-o-d basis.
- UK-origin shredded prices stood at $455-60/t CFR Chittagong, stable on a d-o-d basis.
- UK-origin shredded scrap prices were at $435-40/t CFR Qasim, flat compared to previous offers.
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