South Asia’s imported scrap prices remained largely stable for yet another day. However, Indian buyers booked bulk ferrous scrap due to the shortage of domestic material. Rise in domestic prices and strong finished steel demand resulted in active bulk scrap buying. A total of 48,000 t of mixed bulk cargo, comprising shredded and HMS was booked from UK at an average price of $405/t CFR, Chennai. In another deal, a cargo containing around 22,000 t of USA-origin shredded and PNS, and 11,000 t of HMS was traded at an average price of $409/t, CFR Chennai.
Meanwhile, Pakistan and Bangladesh buyers were out of the market and adopted a wait and watch stance to get clarity on price direction amid liquidity problems due to volatility in currency exchange rates.
SteelMint’s assessment of UK/Europe-origin scrap
- Europe-origin shredded scrap prices in India stood at $460-465/t CFR Nhava Sheva, unchanged d-o-d.
- UK-origin shredded scrap stands at $460-465/t CFR Qasim, largely stable compared to last week’s closing.
- Shredded scrap price stands at $480/t CFR Chittagong, unchanged against yesterday’s price.
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