South Asia: Imported scrap market quiet as buyers opt to wait and watch

South Asian imported scrap markets remained largely quiet for yet another day. Major scrap buyers in the Pakistani market increased their rebar prices on the back of increased raw material prices. Meanwhile, buyers are hopeful that prices will come down once market activity resumes.

Indian and Bangladeshi buyers are quiet and opted to wait and watch for clearer market directions. Due to material shortages and the absence of suppliers, import scrap prices remain high. Additionally, a major scrap buyer, Turkiye, is also out of the market.

SteelMint's price assessment

• Europe-origin shredded scrap offers into India were at $452/t CFR Nhava Sheva, slightly up by $2/t d-o-d.
  
  
• UK-origin shredded scrap prices stood at $465/t CFR Chittagong, unchanged compared to previous offers.
  
  
• UK-origin shredded scrap prices are at $460/t CFR Qasim, up by $2/t compared to the last offers.