South Asia: Imported ferrous scrap prices plunge in Pakistan

Imported scrap prices in South Asian countries decreased at the start of the week following the decline in global scrap prices. The currency devaluation has adversely affected trade, especially in Pakistan. Meanwhile, Indian buyers are hesitant to buy imported scrap due to increased preference to domestic material over cost-effectiveness.

• SteelMint’s assessment of UK-origin shredded scrap stands at $500/t CFR Qasim, a steep fall of $20-25/t against last week.
• Around 1,000 t of HMS-1 of Dubai-origin was booked at $480/t, CFR Nhava Sheva. As per SteelMint’s assessment, Europe-origin shredded scrap price stands at $510/t CFR Nhava Sheva, down $10/t w-o-w.
• SteelMint’s assessment for UK-origin shredded scrap stands at $540/t CFR Bangladesh, falling by $5/t compared to the previous week.