South Asia: Imported scrap prices remain bearish

Production cuts due to power outage, limited demand and dull business activities in the finished steel sector in South Asian countries resulted in fewer imported scrap trades in the region. However, Bangladeshi buyers booked a US-origin bulk cargo. On the other hand, Pakistan and India remained silent for yet another day due to lower finished steel sales and demand and festive holidays.

Recent trade

• Around 32,000 tonnes (t) of bulk HMS of US-origin were offered at $410/t CFR Chittagong basis.
  
  

SteelMint's price assessment

• UK-origin shredded scrap prices were at $440/t CFR Qasim, unchanged d-o-d.
  
  
• UK-origin shredded prices were unchanged at $460-465/t CFR Chittagong, down by $5/t compared to yesterday's closing.
  
  
• Europe-origin shredded scrap offers to India were at $440/t CFR Nhava Sheva, down by $5-10/t d-o-d.