South Asia’s imported scrap prices edged up today. Interestingly, imported scrap trade regained momentum in India due to cost-effectiveness of imported material compared to domestic prices. Moreover, supply shortage in the regional market drove imports higher.
Buyers in Bangladesh and Pakistan stepped back from booking cargoes due to logistics issues amid rains and floods, while currency devaluation kept market sentiments dull.
Recent deals
- Recently, a total of 4,000 tonnes (t) of shredded scrap of UK/Europe-origin was traded at $460-465/t CFR Nhava Sheva.
- Around 1,000 t HMS (80:20) of Poland origin was sold at $455/t CFR Nhava Sheva. In another transaction, around 1,500 t of Dubai HMS-1 was booked at $460/t CFR Nhava Sheva.
- In Pakistan, a deal for around 500 t shredded scrap was concluded at $465/t CFR Qasim.
SteelMint’s assessment of UK/Europe-origin scrap
- Europe-origin shredded scrap prices into India stood at $460-465/t CFR Nhava Sheva, up $3/t d-o-d.
- UK-origin shredded scrap stands at $460-465/t CFR Qasim, up $5/t d-o-d.
- Dubai-origin HMS-1 scrap stands at $475/t CFR Nhava Sheva, increased sharply by $10-15/t d-o-d.
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