As per recent conversations with market participants SteelMint learned that, Pakistan scrap importers have turned little hesitant towards scrap buying at high prices. Last week prices for Shredded scrap had crossed USD 400-405/MT. This week prices have dropped by USD 5-10/MT on W-o-W basis.
In the recent deals concluded, around 1000-1500 MT Shredded 211 scrap in containers sold at around USD 390-395/MT, CFR Pakistan levels. While HMS 1 from Dubai sold at around USD 380-388/MT, CFR Port Qasim.
“Very few thin trades were noted as buyers remained reluctant to book material at high prices. Also, the market is in wait & watch mode to observe the impact of imposition of import tariffs by US govt.”, shared a Pakistan based scrap importer.
Offers for HMS 1 and HMS 1&2 (80:20) in containers from UAE assessed in the ranges of USD 385-388/MT and USD 380-385/MT, CFR Port Qasim respectively. While, no bulk offers heard this week.
Last week Shredded scrap assessed at around USD 400-405/MT, CFR and HMS 1&2 (80:20) at around USD 385-390/MT, CFR.
Ship breaking prices in Pakistan remained stable in a single sale reported last week. Prices assessed at USD 450/LDT for general dry bulk cargo and at USD 460/LDT for containers on CNF Pakistan basis. In a sale committed Paramax bulker VRINDA (LDT 10,099) fetched USD 450/LDT.
However, strong global scrap prices, falling scrap inventories and supportive domestic finish steel markets may support scrap prices to remain strong in coming days and sharp fall in prices is less anticipated.
Turkey imported scrap prices stable in the opening of this week –
Imported scrap prices in Turkey remained stable with no major change in the opening of this week. Prices remained strong as the demand for finish steel is still robust in Turkey.
Latest price assessment of USA origin HMS 1&2 (80:20) stood unchanged at USD 376/MT, CFR Turkey with no fresh deal reported in the market. Over uncertainty of the impact of announced 25% tariffs on steel imports under section 232 to USA, participants remained waiting and holding the activities.
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