South Asia: Bearish sentiments continue weighing on imported scrap market

South Asia imported ferrous scrap market continued its downward trend due to weak buying sentiments. Also, the ongoing currency devaluation has impacted the market adversely, and sellers are under pressure to conclude the deal at lower rates, mainly in Pakistan. Trade is likely to pick up soon as buyers will start restocking ahead of the monsoon.

• Pakistan's imported shredded scrap prices of UK-origin are assessed at $525/t, CFR Pakistan, down by $5/t d-o-d. Around 500 t deals were concluded at these levels.
  
  
• Bangladeshi buyers extended the silence in the market. Fresh offers of shredded scrap are at $550/t, CFR Chittagong, falling by $2-3/t.
  
  
• SteelMint's assessment of UK-origin shredded stands at $530-535/t CFR, Nhava Sheva, largely stable d-o-d.