In continuation to the strict nation-wide lock down announced last week, the steel mills are likely to remain closed until at least 6th April. Due to the ongoing lockdown, no finished steel sales were recorded. However, few bookings for imported scrap were witnessed as mills look to capitalize on the huge fall in prices, as the prevailing offers hover around 4-year low levels.
SteelMints’s assessment for Shredded scrap from UK/Europe stand at USD 235/MT CFR Qasim, further down by USD 5/MT against last week’s closing. Last trades concluded for Shredded in recent days were reported at USD 238/MT CFR, while present offers stand at USD 235/MT. In spite of all steel mills being closed, few bookings in containers were reported.
Some buyers bid at USD 230/MT CFR level while aiming to secure some material at these price levels which are at the lowest levels since Sep ’2016 and may not be achieved for a long time in future.
Absence of any transaction in domestic steel market led to no clarity on steel prices, while fresh finished steel prices will only be clear after the mills resume operations.
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