South Asia: Imported scrap prices rebound in fresh deals

Imported scrap prices into South Asia jumped towards the end of this week. Improved demand and limited availability led to a rise in prices. India's imported scrap prices have increased although trades remain muted. It is likely that prices will rise further in the near term.

• Bangladeshi buyers actively imported scrap from various origins. 2,000 t PNS and 1,000 t shredded scrap of UK-origin were bought at $540/t CFR. 1,000 t HMS cargoes each from Australia and East Africa changed hands at $530 and $520/t CFR Bangladesh. SteelMint's assessment for UK-origin shredded scrap stands at $540/t CFR Bangladesh, up $5/t d-o-d.
  
  
• Deals for total of 1,100 t of shredded scrap from Europe were concluded at $510/t. As per SteelMint assessment, Europe-origin shredded scrap stands at $510-515/t CFR Pakistan.
  
  
• India's import market didn't see bookings of fresh slots due to bid-offer disparity. SteelMint's India assessment for shredded scrap of Europe-origin is at $515/t CFR Nhava Sheva, up $5/t d-o-d.