With scrap deals in Turkiye, South Asian scrap buyers have turned active with a few bulk cargo deals heard concluded to Bangladesh. Buyers expect that offers may rise in the near term as Turkiye resumes bookings.
Pakistani buyers are hesitating to book any slots amid the volatility in currency exchange rates, heavy rainfall and a weak finished steel market that kept buying enquiries subdued.
Meanwhile, Indian buyers are waiting for bulk cargo arrivals and are booking short-sea material to meet immediate requirements.
Recent trades
- In a recent deal, 32,000 t of US-origin mixed scrap cargo comprising HMS and shredded was booked at $455/t and $460/t, respectively, SteelMint learnt from sources.
- In another deal, a total of 34,000 t of Baltic-origin HMS and shredded was traded at $439/t and $449/t CFR Chittagong respectively.
- Around 750 t of shredded scrap in containers of UK/Europe-origin was traded at $495/t CFR Nhava Sheva.
Price assessment
- UK-origin shredded scrap prices stand at $490-495/t CFR Qasim, stable compared to yesterday.
- Shredded scrap prices are at $510/t CFR Chittagong, down $3/t d-o-d.
- Europe-origin shredded scrap offers in India stand at $490-495/t CFR Nhava Sheva, unchanged d-o-d.
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