South Asia’s imported ferrous scrap market remained bearish for yet another day amid thin trading activities. Buyers were not willing to book at higher rates whereas sellers were not lowering their offers due to currency devaluation.
Meanwhile, Indian buyers were silent and did not book material due to the upcoming Diwali festival. Most buyers purchased on smaller lots from domestic suppliers. Similarly, power cuts and coal price hikes led to production cuts in Pakistan and Bangladesh.
SteelMint’s price assessment
- The UK-origin shredded scrap prices are at $450/t CFR Qasim.
- Europe-origin shredded scrap offers to India are at $450-455/t CFR Nhava Sheva.
- The UK-origin shredded prices are unchanged at $475-480/t CFR Chittagong, down by $5-10/t d-o-d.
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