South Asia: Imported ferrous scrap prices fall sharply in recent trade

South Asian imported scrap market witnessed mixed sentiments across countries. As global containerised scrap prices have fallen, a few major mills in Pakistan have booked UK-origin bulk cargo comprising 35,000 t of shredded material. The cargo was booked at $475-480/t CFR Qasim basis. However, Pakistan’s scrap market generally relies on containers for imported scrap.

• A total of 1,000 t of Europe origin-shredded scrap deal was concluded at $490/t. In another deal, 500 t of the same material was booked at $480/t levels. SteelMint’s assessment for UK-origin shredded scrap stands at $485/t CFR Qasim, down $15/t d-o-d.
• As per SteelMint’s assessment, Europe-origin shredded scrap prices stand at $495/t CFR Nhava Sheva, falling sharply by $15/t w-o-w.
• Around 1,000 t of shredded scrap was booked at $530/t, CFR Chittagong basis. SteelMint’s assessment for UK-origin shredded scrap stands at $530/t CFR Bangladesh, falling by $10/t d-o-d.