South Asia: Imported scrap market continues to remain silent d-o-d

South Asian imported ferrous scrap market continued to remain silent for yet another day. It happened largely due to the slow Indian market which continued to remain in a wait and watch mode observing developments on the Budget day.

To facilitate the availability of raw materials for the steel sector, the finance minister has announced the exemption of the basic customs duty on ferrous scrap, in today's budget declaration.

Due to the delay in opening Letters of Credit (LCs), and a drastic financial crisis, Pakistani mills refrained from placing new orders for imported material, while domestic suppliers kept raising their prices.

Meanwhile, Bangladesh's import sector exhibited null activity as market participants awaited the advent of favourable sentiments but no new deals were noted. Some deals were reported from several Turkish mills at an increased prices from the US and Europe-origin.

Price assessment

• Europe-origin shredded scrap offers into India are at $458/t CFR Nhava Sheva, up by $3/t d-o-d.
  
  
• UK-origin shredded scrap prices stand at $470/t CFR Chittagong, stable compared to last week.
  
  
• UK-origin shredded scrap prices are at $453/t CFR Qasim, unmoved d-o-d.