South Asia: Imported scrap offers fall, buyers expect further discounts

South Asia's imported scrap market has started following global cues, and buyers are not in a rush to book any fresh cargo due to limited demand, especially in Bangladesh. Imported scrap offers have fallen while buyers are expecting further discounts.

Transactions are still affected by floods, currency devaluation, and liquidity issues in Pakistan. In contrast, Indian buyers booked small volumes of imported material due to cost competitiveness against the domestic scrap available in the market. However, buyers expect further dicounts yet suppliers are likely to resist any further price cuts, SteelMint has learnt.

Recent deals

• A deal of around 2,500 t of shredded scrap was concluded at $445-455/t, CFR Nhava Sheva.
  
  
• In Pakistan, a total of 1,000 t of shredded scrap of European origin was traded at $445/t, CFR Qasim.
  
  

Price assessment

• Europe-origin shredded scrap offers in India stood at $450/t CFR Nhava Sheva, down by $5/t d-o-d.
  
  
• UK-origin shredded scrap prices were at $475/t CFR Chittagong, a fall of $2/t d-o-d.
  
  
• UK-origin shredded scrap prices were at $440-445/t CFR Qasim, unchanged from yesterday.