Imported scrap trade in South Asian countries was mostly absent for yet another day. Despite the active transactions from Turkish buyers and prices moving slightly up, south Asian buyers opted for a clear market direction. After the celebration of the Indian Republic Day holiday, steel mills are now set back and opt to wait and watch for clear market direction. Steel industry players are awaiting the results of the annual budget, which is scheduled for 1 February.
In contrast, Pakistani and Bangladesh-based steel mills were disappointed for yet another day. Pakistani steel mills are unable to maintain sufficient prices for the conversion between scrap and rebar after getting the appropriate value as Pakistan’s national currency, the PKR is now 250 Vs 230 a week ago.
“Due to the devaluation of the PKR, it is expected to hear about a rebar price hike very soon,” said a Pakistan-based source.
Price assessment
- Europe-origin shredded scrap offers into India are at $455/t CFR Nhava Sheva, unchanged d-o-d.
- UK-origin shredded scrap prices stand at $470/t CFR Chittagong, remaining the same as compared to the last offers.
- UK-origin shredded scrap prices are at $458/t CFR Qasim, slightly down by $2/t d-o-d.
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