South Asia’s imported scrap prices fell for the second consecutive day due to limited buying enquiries and subdued finished steel sales globally. Sources expect to see some price correction next week and buying interest may return as the Eid holidays ended.
Meanwhile in Bangladesh, heavy rains slowed down the production of steel mills. Also the currency devaluation created a negative impact on the imported scrap market.
- SteelMint’s assessment of UK-origin shredded scrap stands at $475-480/t CFR Qasim, falling sharply by $10-15/t d-o-d.
- Shredded scrap prices into India stood at $480/t CFR Nhava Sheva, falling significantly by $8/t compared to yesterday.
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