South Asia: Imported scrap trades gather steam on stock replenishment need

Imported scrap trades in the South Asian market has improved slightly as Indian buyers are active in the market. Buyers are procuring to shore up inventory before the Diwali holidays as the market remains closed during the festival. Bangladeshi mills are optimistic ahead of the peak season for construction activities as the domestic finished steel market has recovered and bookings have commenced for small parcels in containers.

On the other hand, Pakistani buyers are still looking for clearer market direction and abstaining from buying. However, offers are mostly stable.

Recent deals

• Around 1,000 t of shredded scrap from the UK was traded at $485-490/t CFR Chittagong.
  
  
• In another deal, 1,000 t of the UK origin HMS 1 was sold at $455-460/t CFR Chittagong.
  
  

SteelMint's price assessment

• The UK-origin shredded scrap prices are at $455-460/t CFR Qasim unchanged d-o-d.
  
  
• Europe-origin shredded scrap offers to India are at $460/t CFR Nhava Sheva, unchanged d-o-d.
  
  
• The UK-origin shredded prices are unchanged at $480/t CFR Chittagong.