Offers for imported scrap assessed this week slightly plunge by USD 5/MT on W-o-W basis. However, chances of further drop in offers seem limited owing to less material availability.
Imported ferrous scrap market in Pakistan has observed marginal decline in offers this week.The firm demand for restocking ferrous scrap in Pakistan continued again in this week, while unavailability of scrap in major supplier countries ahead of winters may prevent the offers from falling further.
Offers for containerized Shredded scrap assessed at USD 328-330/MT, CFR Port Qasim from UK as well as Europe origins and few trade deals heard to confirm at these offer levels. Last week offers were hovering around USD 335/MT, CFR.
Latest offers for Dubai origin HMS 1&2 in containers assessed at USD 305-310/MT, CFR Port Qasim which have plunge marginally up by USD 5/MT against assessed around USD 310-315/MT, CFR last week.
A market participant shared in his recent conversation with SteelMint that-“The imported scrap offers are bit down recently in Pakistan, however, there is not much material available from suppliers end, offers may turn again and the market may little spike in coming days but bulk shipments are hardly expected till the year-end.”
Recently in Punjab region, many furnaces have been forced to shut down by environmental control authorities. These units were not following any of the environmental protection laws and many of them were working on low graded fuels causing dense smog production. However, this is less likely to impact imported scrap offers.
“Rolling mills in Pakistan are still working very strong and thus billet prices are still firm in Pakistan”, shared a market source.
The market is likely to get closed in a month’s time owing to winters and is expected to reopen after 1st week of Jan’18.
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