South Asia: Imported ferrous scrap market firm with Pakistan regaining momentum

South Asia’s imported containerised scrap market remained largely inactive today. Limited deals were heard from Pakistan as the market in that country is gradually recovering from the recent floods. However, demand and sales are yet to improve as finished steel demand in the country remains weak. In addition, one bulk cargo was heard booked by a Pakistani buyer, while the deal could not be confirmed.

Bangladeshi buyers are away from the market due to currency depriciation and LC restrictions. On the other hand, in India, bulk vessels are arriving due to the big price advantage over containers and domestic material.

Recent deals

• 1,000 t of shredded scrap from the UK was traded at $460/t CFR Nhava Sheva.
• In another deal, 1,000 t of shredded scrap of Europe-origin was sold at $455-460/t CFR Qasim.

SteelMint’s price assessment

• UK-origin shredded scrap prices are at $455-460/t CFR Qasim.
• Europe-origin shredded scrap offers to India are at $460/t CFR Nhava Sheva, up by $2/t d-o-d.
• UK-origin shredded prices are unchanged at $475-480/t CFR Chittagong.