South Asia: Imported scrap prices move up; will trend continue post-Muharram?

South Asia's imported scrap market remained largely stable today on account of Muharram holidays in Pakistan and Bangladesh. However, the prices had moved northward last weekend. Buyers are holding back from making further bookings due to the continuous hike in scrap prices amid the ongoing fluctuation in the national currency against the dollar.

India's imported scrap prices have also increased, whereas already piled-up stock may slow down the trade.

In addition, both sellers and buyers are in wait-and-watch mode, waiting for a price direction post-Muharram holidays. Meanwhile, Turkiye's prices rebounded and buyers started to restock the material.

SteelMint's assessment of UK/Europe-origin scrap

• UK-origin shredded scrap prices stand at $475-480/t CFR Qasim, stable compared to last week's closing prices.
  
  
• Shredded scrap prices are at $495/t CFR Chittagong, unchanged compared to the closing of the previous week.
  
  
• Europe-origin shredded prices in India stand at $480/t CFR Nhava Sheva, stable against last week's closing.