South Asia’s imported scrap market rebounded after the Muharram holidays as buyers turned active to replenish the inventory amid limited domestic availability.
Bangladeshi buyers are preferring bulk purchases over containerised scrap due to cost effectiveness. Meanwhile, Pakistani buyers gradually started buying as the rainy season is coming to an end and the national currency also appreciated after declining for the last couple of days during holidays.
Recent deals:
- In a recent deal, 30,000 t of US-origin mixed (HMS and shredded) bulk cargo was booked for September 2022 shipment. The deal was concluded at an average price of $445-450/t CFR Chittagong.
- Another deal for 2,000 t of Europe-origin shredded scrap was concluded at $495/t, CFR Qasim basis.
SteelMint’s assessment of UK/Europe-origin scrap
- UK-origin shredded scrap prices stand at $495-500/t CFR Qasim, up significantly by $15-20/t d-o-d.
- Shredded scrap prices are at $505/t CFR Chittagong, higher by $10/t d-o-d.
- Europe-origin shredded prices in India stand at $495/t CFR Nhava Sheva, up by $5/t d-o-d.
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