South Asia: Imported scrap trade yet to pick up post-Eid

South Asia’s imported scrap market has started resuming, but slowly, post-the Eid festival as all buyers are yet to return from holidays. Mills are yet to resume bookings in Pakistan and Bangladesh. However, some buyers booked material in small quantities to meet urgent needs.

Market participants are expected to wait-and-watch till next week for clearer market directions.

• A deal comprising around 2,000 tonnes of shredded scrap was concluded at $505-506/t, CFR Chittagong. SteelMint’s assessment of UK-origin shredded scrap prices into Bangladesh stands at $505-515/t CFR, up by $15/t against last week’s closing.
• Shredded scrap prices into India stood at $500-505/t CFR Nhava Sheva, up by $20/t compared to last week.
• SteelMint’s assessment of UK-origin shredded scrap stands at $496/t CFR Pakistan, up by $6/t against the previous week.