According to sources, Indian scrap buyers have been heard importing containerized shredded scrap at $335/mt CFR Nhava from a variety of countries of origin including the US. This price is $12/mt higher than the deal prices in the week ended August 11 and up to $20-25/mt from deals early in August. Ex-US containerized shredded scrap is presently offered to India at $335-350/mt CFR Nhava. Import scrap demand is expected to increase later in the year as the local economy strengthens and domestic scrap options become tighter leading to higher domestic prices to match the global market trend.
Pakistan scrap buyers, on the other hand, have been more active in their acquisition of containerized shredded scrap and have increased import buying prices up to $345-350/mt CFR in some deals from various destinations. Ex-US containerized shredded scrap to Pakistan is currently offered at $340-355/mt CFR.