South Asia: Ferrous scrap import bookings remain dull

South Asian scrap buyers are not in a hurry to book fresh slots. Pakistan- and Bangladesh-based buyers are expecting further discounts due to negative market sentiments caused by floods, whereas Indian scrap buyers opted to wait and watch for clarity on prices. Due to Vishwakarma Puja tomorrow, a few small parcel deals are likely to happen as plants will remain closed.

"Indian scrap buyers are booking domestic material to fulfill their prompt requirement as imported material is not sufficient to fulfill the requirement," said a trader. "Traders who booked material at high prices are now selling at lower rates as they cannot keep the material for a longer period of time," the source added.

Price assessment

• Europe-origin shredded scrap offers in India stood at $450/t CFR Nhava Sheva, unchanged d-o-d.
  
  
• UK-origin shredded scrap prices were at $470-475/t CFR Chittagong, a fall of $2/t d-o-d.
  
  
• UK-origin shredded scrap prices were at $440-445/t CFR Qasim, unchanged from yesterday.