South Asia: Imported scrap prices continue to head north

South Asia's imported scrap offers continued to move northward after the recently concluded deal for Turkey.

Steel mills especially in India have limited stock available with them. Due to the Eid holidays, bookings remained slow in Pakistan but it is expected that suppliers may hold their offers till next week.

Amid the devaluation of domestic currency (BDT) against the dollar, Bangladeshi buyers believe that current prices are not workable. Thus, they may opt for the wait-and-watch approach for clear market direction after the Eid holidays.

• Around 2,000 t HMS (80:20) of West Africa-origin was concluded at $470/t, CFR Nhava Sheva. In another deal, 500 t UK-origin HMS 1&2 (80:20) has been sold at $445/t CFR Mundra. Shredded scrap prices into India stood at $480-485/t CFR Nhava Sheva, up by $12/t d-o-d.
  
  
• SteelMint's assessment of UK-origin shredded scrap stands at $490/t CFR Pakistan, up by $12/t d-o-d.
  
  
• UK-origin shredded scrap price into Bangladesh stands at $495-500/t CFR, unchanged d-o-d.