South Asia: Imported scrap market remains muted

As another new week commences, South Asian scrap buyers are mostly quiet and waiting for clearer market direction. Indian buyers have opted to wait for the upcoming Budget which is scheduled for 1 February. Market participants expect a positive outcome for the steel and scrap industries.

On the other hand, Pakistan's steel producers are now out of the market, with no fresh offers/deals in the last couple of weeks. Due to the LC issue, steelmakers and traders are struggling to survive.

Similarly, the Bangladesh-based mills face the same plight as Pakistan, although a limited number of deals have been concluded. Imported scrap prices remain high.

Price assessment

• Europe-origin shredded scrap offers into India are at $455/t CFR Nhava Sheva, unchanged 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 $456/t CFR Qasim, down $2/t d-o-d.