South Asia’s imported scrap market showed signs of recovery as the scrap trade improved, especially in India. Pakistani buyers turned active in replenishing their inventories after the currency appreciated. Meanwhile, a few participants said the market would still need a few weeks to settle down.
Recent deals
- A total deal of 3,000 tonnes (t) of shredded scrap of UK-origin was concluded at $500/t, CFR Qasim.
- Around 500 t of Europe-origin HMS (80:20) was traded at $475/t, CFR Nhava Sheva. In another deal, 500 t of HMS-1 of Dubai origin transited at $510/t, CFR Nhava Sheva.
SteelMint’s price assessment
- UK-origin shredded scrap prices stand at $500-505/t CFR Qasim, marginally up by $2/t from the last assessment.
- Shredded scrap prices are at $525/t CFR Chittagong, higher by $5-10/t d-o-d.
- Europe-origin shredded scrap offers in India stand at $510/t CFR Nhava Sheva, up by $5/t against yesterday’s price.
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