India, Pakistan book US steel scrap cargoes on bullish outlook

Mills in India and Pakistan have returned to the market for bulk scrap and have booked cargoes from the United States over the past few days, sources told Fastmarkets on Wednesday June 3.

Indian and Pakistani steelmakers increased their purchases of containerized scrap imports in recent weeks while Covid-19 lockdown measures eased and steelmaking operations ramped up in both countries.
Furthermore, Bangladeshi mills are poised to return to the market for bulk scrap following an extended absence from buying amid the recent Eid Al-Fitr holidays and higher inventory levels previously.
The fresh bookings of US scrap come against a backdrop of low bulk freight rates and expectations of further price increases for scrap imports in South Asia over the next few weeks, sources said.

Fastmarkets heard that a steel producer in India booked a bulk cargo comprising 10,000 tonnes of heavy melting scrap 1&2 (80:20) and 20,000 tonnes of shredded scrap from the US West Coast at an average price of $280 per tonne cfr Kandla Port on...

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