Due to te limited finished steel demand in the South Asian countries, ferrous scrap imports remained lull. Sentiments in Pakistan continued the downtrend, whereas Bangladesh is still facing the LC opening problem and gas shortage because of which major mills have cut down production by 50%.
At present the market is putting pressure on sellers to lower offers as buyers are having sufficient inventory in hand.
SteelMint’s price assessment
- Europe-origin shredded scrap offers to India were at $430-435/t CFR Nhava Sheva, down marginally on d-o-d.
- UK-origin shredded scrap prices were at $425-430/t CFR Qasim, unchanged d-o-d.
- UK-origin shredded prices were unchanged at $460/t CFR Chittagong, unchanged d-o-d.
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