The South Asian scrap import market was mostly quiet throughout the last week of 2021 with only a limited number of deals reported as suppliers offers remained scant amid the holiday season in export regions and reduced demand at home due to the slowdown in construction activity kept end buyers out of the market. Participants, however, showed an active interest in containerized steel scrap over the past week with several thousand tonnes of material heard sold.
The Pakistani imported scrap market remained liquidity issues and news of the government raising the sales tax on imported re-metalable scrap by 3% to 17%. The price of UK origin shredded scrap has been heard between $535-$537/t CFR Port Qasim, up around $2.5/t on the week, with a deal for a containerized cargo of shredded scrap heard concluded at $538-539/t CFR Qasim. Offers for Dubai origin #1 HMS were heard around $493/t CFR Qasim, moving up by nearly $3/t on the week.
In Bangladesh offers for containerized shredded moved north due to tight availability; the price for UK origin containerized shredded scrap was assessed between $562-565/t CFR Chittagong, up to $5/t on the week, deals however were concluded at $550/t CFR, details of origin were, however, unclear. Mills were also reported to have acquired around 6,000 tonnes of containerized HMS 1&2 (80:20) from origins including Poland, the United Kingdom and Brazil over the past week at $525/t CFR Chittagong, Bangladesh. A South African cargo of HMS 1&2 was also reported to have been concluded for $525/t CFR Chittagong.
Rising domestic steel prices brought forth buyers interest in the Indian market, recent offers for containerized UK origin shredded scrap rose to $535-540/t CFR Nhava Sheva, up to $2/t on the week; meanwhile, offers for UAE origin were stable at $470/t CFR week.