South Asian imported scrap market extended silence towards the weekend. Buyers are out of the market due to restrictions on LC openings and liquidity crunch in Bangladesh. Pakistan continues struggling with its political instability and currency devaluation. Currently, Pakistani buyers are in a dilemma whether to wait or book material.
Meanwhile, the Indian market closed for the Diwali festival and may remain so for the next 10 days.
All these factors are pushing mills to cut production and reduce their scrap usage.
SteelMint’s price assessment
- UK-origin shredded scrap prices are at $450/t CFR Qasim.
- Europe-origin shredded scrap offers to India are at $445-450/t CFR Nhava Sheva.
- UK-origin shredded prices are unchanged at $475/t CFR Chittagong, down by $3/t d-o-d.
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