South Asia: Imported scrap market shows recovery

South Asia's imported scrap market showed sign of recovery post-Turkish deals. Demand for scrap and finished steel improved today in India despite the depreciation of the national currency to 81 against the dollar.

A couple of bulk cargoes are heard to have been booked at lower prices, considering the limited deals from Turkish mills. Indian mills actively procured bulk cargoes.

Furthermore, Bangladesh's containerised market turned active and buyers procured materials from Europe/the UK. Similarly, in the last few days, several deals were concluded in Pakistan too.

Recent deals from UK/Europe

• Around 3,000 t of shredded scrap was booked at $470/t CFR while 1,000 t of HMS (90:10) were traded at $460/t, CFR Bangladesh.
  
  
• A total of 3,000 t of PNS was traded at $485/t, CFR Bangladesh.
  
  

Price assessment

• Europe-origin shredded scrap offers in India stood at $455/t CFR Nhava Sheva, up by $5/t from yesterday.
  
  
• UK-origin shredded scrap prices were at $470-475/t CFR Chittagong stable d-o-d.
  
  
• UK-origin shredded scrap prices were at $445/t CFR Qasim, unchanged d-o-d.