South Asia: Imported scrap market remains firm

The imported scrap market in containers remained less active in the beginning of the week in South Asian nations. The Bangladeshi government announced a halt on construction projects. Hence, after a couple of bulk deals reported last week, India's imported scrap buyers were muted again.

It has been reported by SteelDaily that, discussions pertaining to the EU's export restrictions on scrap have re-emerged, with the implementation of ban on scrap exports to the non-OECD countries that do not follow the EU standards. From November 2022, a voting and plenary session to restrict exports will be held to limit the outgoing shipments and secure the local resources. Europe's steel and ship recycling industries, and Germany's recycling association, are opposing the ban.

Recent Deals

• A total of 1,000 t each of HMS and shredded scrap of New Zealand origin HMS (80:20) was booked at $455/t and $465/t CFR, Bangladesh.
  
  
• Similarly, 500 t of HMS-1 from Brazil was booked at $470/t, CFR Bangladesh.
  
  

Price assessment

• The Europe-origin shredded scrap offers in India stood at $450-455/t CFR Nhava Sheva.
  
  
• The UK-origin shredded scrap prices were at $470-475/t CFR Chittagong stable versus last weekend.
  
  
• The UK-origin shredded scrap prices were at $445/t CFR Qasim, unchanged.