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South Asian Scrap Prices firm up amid restocking interest

By: SteelBis Research

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Pakistan: Steelmakers in Pakistan were observed actively seeking scrap cargoes this week, bidding higher then neighboring regions which saw material being diverted to Port Qasim as domestic scrap inventories remain fairly tight across the country. However, only a few deals were for imported shredded cargoes were concluded between $563-565/t CFR Port Qasim this week, with offers for Shredded 211 ex UK coming in as high as $570-572/t CFR at a premium of around $7/t from offers for EU origin scrap.

Bangladesh:  After a dip earlier in the week, Bangladeshi imported scrap prices also firmed up, offers for deep-sea cargoes from the United States West Coast were heard at $560-565/t CFR Bangladesh for HMS 1&2 (80:20) over the past week, while UK-origin shredded scrap cargo of 5000 tonnes was heard booked at at $585/t CFR. Another mill was heard to have contracted a bulk vessel to transport 35,000 tons of EU HMS (80:20) by December shipment.

India: Indian imported scrap prices were triggered higher due to increased buying interest from local secondary mills amid low material inventories post Diwali holidays; but actual deals were limited due to a higher bid- offer gap, with suppliers seen shifting focus of offers to neighboring Pakistan and Bangladesh where price realizations were higher. The containerized shredded scrap prices in India were heard between $550-555/mt CFR Nhava Sheva, slightly down by $2-3/mt from early November.

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