South Asia’s prominent ferrous scrap buyers witnessed a correction in prices as the market resumed gradually after the Eid holidays. Post-Eid, shredded offers into Pakistan observed a significant fall in recent deals due to the correction in China’s rebar futures and subdued finished steel demand globally.
Meanwhile, the Bangladesh market remained largely muted in terms of booking containerised scrap material, waiting for a price correction.
- A total of 3,500 tonnes of shredded scrap was booked at $485-490/t, CFR Qasim. SteelMint’s assessment of UK-origin shredded scrap stands at $490/t CFR Qasim, down by $6/t d-o-d.
- A total of 2,000 t of HMS-1 of Dubai origin traded at $495/t, CFR Nhava Sheva. It was also heard that a South African-origin HMS deal took place for 4,000 t, at $500/t, CFR basis. Shredded scrap prices into India stood at $485-490/t CFR Nhava Sheva, falling significantly by $15/t compared to yesterday.
- SteelMint’s assessment of UK-origin shredded scrap prices into Bangladesh stands at $505-515/t CFR, unchanged d-o-d.
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