Imported scrap prices in the South Asian market remained stable d-o-d today amid limited buying inquiries. Scrap buyers in Pakistan and Bangladesh are mostly silent due to L/C restrictions. Meanwhile, the Indian market witnessed no change in prices after having seen active inquiries in yesterday’s session. Steel mills in South Asia are struggling to survive due to a severe currency crisis.
“Prices for India are high now and thus, traders continue to book smaller parcels. Buyers have sufficient material, leading to slow procurement but soon they will be back in the market. Prices will hover around this level for the near term,” a trader said.
There is a scrap shortage in the Bangladesh market. So, participants are currently buying imported material. Moreover, few banks have started opening L/Cs now but currency devaluation is a concern so buyers are making bookings in advance, another source told SteelMint.
Recent deals-
- Around 1,000 t of containerised shredded scrap of UK-origin was booked at $468/t CFR Chattogram.
- Around 1,000 t of HMS (80:20) scrap of UK-origin was booked at $450/t CFR Chattogram.
SteelMint’s price assessment
- Europe-origin shredded scrap offers into India are at $460/t CFR Nhava Sheva, unchanged d-o-d.
- UK-origin shredded scrap prices stand at $470/t CFR Chittagong, stable d-o-d.
- UK-origin shredded scrap prices are at $460/t CFR Qasim, unchanged d-o-d.
Leave a Reply