South Asia imported scrap trades remained stagnant amid lack of clarity on price direction. Suppliers remained on the sidelines in India as buyers sought material at lower levels. On the other hand, in Pakistan and Bangladesh, buyers are not able to open any transactions due to LC concerns and gas shortage.
Market sentiments of imported scrap remained weak due to poor finished steel demand in the region.
A Bangladeshi steel mill official stated: “Due to gas shortage, Dhaka mills limited production which resulted in a hike in domestic finished steel prices. Major construction projects, which were under progress, are almost complete. However, the government is not taking up any new project.”
SteelMint’s price assessment
- Europe-origin shredded scrap offers into India were at $420-425/t CFR Nhava Sheva, a marginal fall of $2/t d-o-d.
- UK-origin shredded scrap prices were at $420-425/t CFR Qasim, stable compared to yesterday’s closing.
- UK-origin shredded prices were unchanged at $450/t CFR Chittagong, down $10/t d-o-d.
.jpg)
Leave a Reply