South Asia: Imported scrap prices edge up in fresh deals

South Asia’s imported scrap prices inched up as buyers turned active in restocking. However, Bangladesh buyers resisted to book fresh lots of scrap due to volatile prices. Also, market participants in Bangladesh and Pakistan are waiting for the budget announcement to get a more clear picture of the market.

• A total of 2,500 t of shredded scrap was sold at $518-520/t. In another deal, around 500 t of the same material was booked at $522/t CFR Qasim. SteelMint’s assessment for UK-origin shredded scrap stands at $520-525/t CFR Qasim, up by $5/t d-o-d.
• Around 1,200 t HMS-1 of Dubai-origin was sold at $480-485/t CFR Nhava Sheva. As per SteelMint’s assessment, Europe-origin shredded scrap stands at $520-525/t CFR Nhava Sheva, unchanged d-o-d.
• SteelMint’s assessment for UK-origin shredded scrap stands at $550/t CFR Bangladesh, largely stable d-o-d.