South Asia: Only Indian buyers active in imported scrap market

India, South Asia's most prominent scrap buyer and the world's second largest scrap importer in CY22, remains quite active on the import scrap market compared to its neighbours Bangladesh and Pakistan. Steel mills in both the countries are struggling to survive and due to a severe currency crisis they are unable to import beyond essential items.

In contrast, Indian mills remain active in the import market. A south India-based steel producer is heard to have booked around 5,000 t of shredded scrap in the last few days. The deal was at around $455-465/t CFR Chennai.

"The market is positive but saturated and prices are high in India," a buyer source said. Further, buyers have sufficient material in hand so procurement is likely to remain slow in the coming days.

Price assessments

• 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, down $3/t d-o-d.