South Asia: Imported ferrous scrap market remains muted

South Asia’s imported scrap buying remained limited due to bearish market trends. India’s containerised market remained silent but one bulk deal was heard for UK-origin material. Pakistan and Bangladesh markets were muted due to high power tariffs, gas shotages, LC restrictions and low demand from end-users.

Recent bookings

• A deal for 2,000 t of shredded scrap of UK-origin was concluded at $449/t, CFR Qasim.
  
  
• In another bulk deal,  a total of 44,000 t of mixed scrap material was booked from the UK. Out of this, 15,000 t of busheling scrap traded at $450/t, 6,500 t of blue steel at $435/t, 8,000 t of bonus at $425/t and 14,500 t of shredded at $425/t, CFR Chennai.
  
  

SteelMint’s price assessment

• The UK-origin shredded scrap prices are at $450/t CFR Qasim.
  
  
• Europe-origin shredded scrap offers to India are at $445-450/t CFR Nhava Sheva.
  
  
• The UK-origin shredded prices are unchanged at $475-480/t CFR Chittagong.