South Asia: Imported scrap prices stable on limited deals, global cues

South Asia's imported scrap prices remained mostly stable on a d-o-d basis, following global cues, amid limited transactions today. However, a Turkish mill booked Baltic-origin bulk cargo at an average price of $400/t.

South Asian steel mills were largely quiet today, with no deals recorded, despite prices being mostly stable. Pakistan and Bangladesh-based mills are still struggling with the government over permission to open new LCs, as the steel industry will head for closure if new LCs are not allowed. Further, Indian mills are looking for clarity on prices.

"Offers are mostly absent in the market as suppliers are trying to sell material to India and Turkiye," said a Pakistan-based scrap buyer.

SteelMint's price assessment

• Europe-origin shredded scrap offers into India are at $460/t CFR Nhava Sheva, unchanged d-o-d.
  
  
• UK-origin shredded scrap prices stand at $470/t CFR Chittagong, stable d-o-d.
  
  
• UK-origin shredded scrap prices are at $460/t CFR Qasim, unchanged d-o-d.