South Asia: Imported ferrous scrap market remains bearish

South Asia's imported scrap market remained muted today due to limited demand for finished steel amid the ongoing flood-like situation in many countries. Prices for containerised shredded ferrous scrap in India fell slightly after a recently-concluded bulk deal.

A Chennai-based mill was heard having booked 35,000 t of a mixed bulk cargo comprising shredded and HMS 1 (90:10) of EU-origin at $415/t CFR. The material will be delivered in November, as per sources. However, the deal remained unconfirmed till the time of publishing this report.

Price assessment

• UK-origin shredded scrap prices were at $475/t CFR Qasim, unchanged against last week's closing.
  
  
• Shredded scrap prices were at $500/t CFR Chittagong, unchanged compared to last week.
  
  
• Europe-origin shredded scrap offers in India stood at $475/t CFR Nhava Sheva, down $3/t compared to last weekend.