Imported scrap trade in South Asian countries remained muted today, with India’s market mostly slow with limited deals ahead of the General Budget to be placed in parliament tomorrow. Market participants expect the Finance Ministry to ease the duty on scrap imports.
Pakistani mills held back from fresh bookings of imported material due to the delay in LC openings, while domestic suppliers continued to raise their offers. Bangladesh’s import market saw little activity as market players are waiting for sentiments to turn supportive. No fresh deal was recorded.
Recent deals:
- Around 500 t Europe origin HMS(80:20) has been booked at $430/t CFR Nhava Sheva.
- Around 500 t Europe origin Shredded has been booked at $455/t CFR Nhava Sheva.
Some deals were concluded by Turkish buyers recently at a price range of $420/t for HMS(80:20), $431-33/t for HMS(95:5), and $443/t for shredded – all on CFR Turkiye basis.
Price assessments
- Europe-origin shredded scrap offers into India are at $455/t CFR Nhava Sheva, unchanged d-o-d.
- UK-origin shredded scrap prices stand at $470/t CFR Chittagong, stable compared to last week.
- UK-origin shredded scrap prices are at $453/t CFR Qasim, down $3/t d-o-d.
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