South Asia’s imported scrap market largely remained quiet today, with no major deal concluded. However, prices continued to move south. Indian buyers are waiting for their bulk cargo arrivals with not much activity happening in the market, owing to everyone being in a festive mood. Pakistan and Bangladesh-based mills are still struggling with LC restriction, floods and subdued finished steel demand.
Meanwhile, in a recent Turkish imported scrap deal concluded by an Aegean region-based steel mill, prices have come down sharply. The cargo was booked at an average price of $386/t CFR for HMS 1&2 (80:20) materials. However, after Turkish authorities raised electricity and natural gas prices for households for industrial use on Thursday, Turkish steelmakers have lifted finished steel prices.
Price assessment
- UK-origin shredded scrap prices were at $475/t CFR Qasim, down by $5-10/t d-o-d.
- Shredded scrap prices were at $500/t CFR Chittagong, unchanged d-o-d.
- Europe-origin shredded scrap offers in India stood at $475-480/t CFR Nhava Sheva, down by $5/t d-o-d.
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