Following the downtrend in global scrap market, South Asia’s imported scrap buyers held fresh scrap bookings, expecting a further fall in offers. Despite the drop in offers, buyers were hesitant due to logistics issues amid rains and floods, while currency devaluation kept market sentiments dull.
Demand in Pakistan remained slow amid L/C (Letter of Credit) opening issues with banks, political instability, coupled with slow construction activity due to heavy rainfall. However, due to limited bookings in the beginning of the week, few deals have been heard today to have concluded at $460/t, CFR Pakistan.
- SteelMint’s assessment of UK-origin shredded scrap stands at $455-460/t CFR Qasim, unchanged d-o-d.
- SteelMint’s assessment of UK-origin shredded scrap stands at $475/t CFR Chittagong, largely stable d-o-d.
- Shredded scrap prices into India stood at $460/t CFR Nhava Sheva, unchanged d-o-d.
Leave a Reply