South Asia: Imported ferrous scrap market sees fresh wave of activity

The South Asian scrap market showed mixed trends today. Pakistani mills actively procured imported scrap as mills are running short of inventory and need to restock before monsoon arrives. Surprisingly, Indian mills have also booked fresh material at higher offers.

• A total of 3,100 t shredded scrap was sold at $515/t and in another deal around 2,300 t shredded was traded at $518-520/t CFR Qasim. SteelMint’s assessment for UK-origin shredded scrap stands at $515-520/t CFR Qasim, largely stable d-o-d.
• Around 1,100 t HMS-1 of Dubai origin was sold at $480/t CFR Nhava Sheva. As per SteelMint’s assessment, Europe-origin shredded scrap stands at $520-525/t CFR Nhava Sheva, unchanged d-o-d.
• SteelMint’s assessment for UK-origin shredded scrap stands at $548/t CFR Bangladesh, stable d-o-d.