Imported scrap prices in Pakistan remained majorly firm this week as compared to last week’s closing. Last week, due to Eid holidays imported scrap market was not active however, this week trades have resumed gradually.
- SteelMint’s assessment for Shredded 211 scrap from UK/Europe stands at $315/t CFR Qasim, almost steady against the last week’s closing, however up by $2/t against the opening of the last week.
- Scrap suppliers are offering $318-320/t CFR level for shredded, however, no significant deals have been reported at this level. Whereas, buyers’ price idea resisted at $312-315/t CFR level.
- Recently, Karachi region-based major trader booked around 3,000 t of European shredded at around $311-313/t CFR basis.
- HMS 1 from Middle East is being sold at around $295-300/t CFR basis, up by $5-10/t as compared to last week’s report.
- Few offers for P&S grade scrap have been reported for at $320/t CFR level
SteelMint learnt from market participants that few buyers are less active as there is a gap between buyers’ bids and offers, due to increase in imported scrap offers. However, “it is expected that offers may go up further by $5-10 by the end of Aug to early Sept’ 20”, shared a Pakistan based source.
Domestic market:
After Eid- holidays, Pakistani, steel market resumed their operations fully this week. However, there is no major price change in domestic steel market, and the reasons reported are as follows-
- Due to heavy rain in all over Pakistan
- Liquidity issue could be there due to low operational activities in the last two weeks
- Upcoming Moharram/Ashura by the closing of the month
- Due to global price uptrend, domestic scrap prices have remained supported. Local scrap (eq to Shredded) price stands at PKR 72,500/t inclusive of taxes.
Pakistan Domestic Steel Prices as on 11th Aug’20
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