South Asia: Imported ferrous scrap trade remains muted today

The imported ferrous scrap market in South Asian region remained largely inactive today. Indian buyers actively procured imported scrap in the last couple of days. SteelMint heard one Japanese-origin cargo containing 9,510 tonnes of shredded scrap is expected to arrive at Chennai Port during October-end.

Pakistan’s sellers are selling finished steel at lower prices to maintain the cash flow. However, the domestic market remained muted due to high input costs. Meanwhile, in Bangladesh, offers are increasing but no buyers are available at the moment amid currency depreciation and LC problems.

SteelMint’s price assessment

• The UK-origin shredded scrap prices are at $455-460/t CFR Qasim unchanged d-o-d.
• Europe-origin shredded scrap offers to India are at $460/t CFR Nhava Sheva, unchanged d-o-d.
• The UK-origin shredded prices are unchanged at $480-485/t CFR Chittagong, up by $3/t d-o-d.