South Asia’s imported scrap market remains dull due to the lack of support from the finished steel market. However, a few deals were concluded in India due to cost competitiveness against domestic material. Bangladeshi and Pakistani mills have cut their production amid high inventory levels and fund shortage.
Market participants opted to wait for further clarity on market trends, SteelMint notes.
Price assessment
- UK-origin shredded scrap prices were at $474/t CFR Qasim, unchanged against yesterday.
- Shredded scrap prices were at $495-500/t CFR Chittagong, down by $3/t d-o-d.
- Europe-origin shredded scrap offers in India stood at $470-475/t CFR Nhava Sheva, down $2/t d-o-d.
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