After the rebound at global levels witnessed since yesterday, imported scrap prices to Pakistan too shot up immediately. While offers rose by USD 25-30.MT against last week, even few bookings got concluded as buyers moved swiftly to secure some material before further significant increase. Meanwhile, almost all steel mills are expected to remain closed till 14th Apr, as the covid-19 lockdown was further extended last week.
SteelMint’s assessment for Shredded 211 to Pakistan from UK/Europe moved up by almost USD 30/MT CFR and currently stands at USD 265/MT CFR Qasim. Some buyers were targeting USD 260/MT CFR levels for Shredded today, but most offers now stand at higher levels, with trade sources reporting that few Shredded bookings at USD 265/MT have already closed.
“I booked P&S in containers at USD 270/MT CFR today, while shredded offers are at least USD 265/MT now amid a sharp price hike” shared a Steelmaker based in Punjab region.”
“Even at increased price, only few limited offers are available to Pakistan presently due to supply tightness” shared a global supplier based in UK
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