South Asia: Imported scrap market quiet during holidays

South Asian scrap markets were largely quiet today as few suppliers and traders remained active in the market due to the ongoing winter holidays. Buyers in India have opted to wait and watch due to the limited offers available in the market at increased levels.

Meanwhile, the Pakistani and Bangladeshi import scrap markets have been mostly silent, with buyers reluctant to conclude deals while preferring to wait and see the market direction. However, last week, a few deals were heard concluded in Pakistan before the holidays.

"Currently limited offers are there due to holidays. Yards are still closed; clear directions will emerge in the next two days," said an Indian scrap trader.

Recent deal

• Around 2,000 t of containerised shredded scrap of Europe-origin was booked at $445/t CFR Qasim.
  
  

SteelMint's price assessment

• Europe-origin shredded scrap offers into India were at $450/t CFR Nhava Sheva, slightly up by $3/t d-o-d.
  
  
• UK-origin shredded scrap prices stood at $465/t CFR Chittagong, up $5/t compared to previous offers.
  
  
• UK-origin shredded scrap prices are at $458/t CFR Qasim, up by $3/t compared to last offers.