South Asia’s imported scrap market remained bearish. All the major buyers have postponed fresh cargo bookings as a negative trend emerged in the finished steel market.
Furthermore, buyers were largely silent due to lower-than-average finished steel sales in the market. However, a steel mill from Turkiye’s Marmara has booked European mixed bulk cargo. The cargo comprised of HMS 1&2 (80:20) at $398/t and shredded at $413/t CFR basis.
Amreli Steels Limited, one of Pakistan’s leading steel producers, has decided to shut down all its plants for 20 days, as per a notice from the company. The company has suspended operations from 31 August to 19 September, 2022 owing to sluggish demand for finished steel products due to heavy rainfall and floods across the country.
Price assessment
- UK-origin shredded scrap prices were at $480-485/t CFR Qasim, down by $2/t d-o-d.
- Shredded scrap prices were at $500/t CFR Chittagong, unchanged d-o-d.
- Europe-origin shredded scrap offers in India stood at $480-485/t CFR Nhava Sheva, unchanged d-o-d.
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