South Asia: Imported scrap market begins the week on a slow note

South Asia’s imported scrap prices slipped in the beginning of the week. The market (except Pakistan) has witnessed limited transactions. Indian buyers are waiting for a further drop in offers to book the imported material while the monsoon storms in Bangladesh have adversely impacted domestic demand and prices.

• Around 6,000 t of shredded material was booked at around $434-435/t, levels. SteelMint’s assessment of UK-origin shredded scrap stands at $435/t CFR Qasim, a fall of $5/t against last week.
• A total of 500 t of Europe-origin shredded was traded at $435/t, CFR. As per SteelMint’s assessment, current price of the same stands at $440/t CFR Nhava Sheva, unchanged compared to last week’s end.
• SteelMint’s assessment for UK-origin shredded scrap stands at $480/t CFR Bangladesh, falling by $10/t compared to the previous week’s closing.