South Asia: Prolonged lull witnessed in imported scrap market

The imported scrap market in South Asia continues to remain gloomy. India's imported scrap buyers have not booked any material as previously booked cargoes are widely available in the market. The Pakistan and Bangladesh markets are still facing political instability, high inflation.

Recently, one bulk deal for Turkiye was heard for shredded, HMS and bonus scrap at an average price of $357/t CFR. The booking was done by an Aegean region-based steel mill.

SteelMint's price assessment

• Europe-origin shredded scrap offers into India were at $425-430/t CFR Nhava Sheva, a marginal fall of $3/t against last week's closing.
  
  
• UK-origin shredded scrap prices were at $425-430/t CFR Qasim, down $2/t compared to last weekend.
  
  
• UK-origin shredded prices were unchanged at $460/t CFR Chittagong.