South Asia: Imported scrap bookings subdued, offers continue to rise in India

Buying activities in the South Asian market remained silent due to the ongoing Muharram holidays - mainly in Bangladesh and Pakistan. Trade activities may pick up post-Muharram but would be subjected to dollar conversion rates, sources told SteelMint.

While India's imported scrap prices have increased, stocks already piled up and limited finished steel demand may slow down the trade.

"Apparently, it would take two-three weeks for the steel market to settle down to the new situation," said a Pakistani trader.

Furthermore, Turkish buyers actively procured material at increased prices due to limited stock availability. Imported scrap transactions are down globally except in Turkiye.

SteelMint's assessment of UK/Europe-origin scrap

• Europe-origin shredded prices in India stand at $490/t CFR Nhava Sheva, up by $10/t d-o-d.
  
  
• UK-origin shredded scrap prices stand at $475-480/t CFR Qasim, stable compared to yesterday's prices.
  
  
• Shredded scrap prices are at $495/t CFR Chittagong, unchanged d-o-d.