Pakistan continues to be preferred ferrous scrap export destination from Dubai, as the market in India stays down.
Pakistan Domestic market requirement for steel is high as the construction projects are live. So Pakistan is regularly importing scrap to produce steel and fulfil the demand in the country. Another reason being that the supply from Gadani Port, there has been a restriction on working hours which has reduced the supply of scrap that is generated from ship breaking. Leading to increase in import of melting scrap
According to the Trader in Dubai, “Pakistan is importing more of scrap from Dubai as compared to India as Pakistan construction sites are active. Whereas Indian market is down.
Price offered at CFR Pakistan is USD 315/MT and CFR India is USD 305/MT, The Level of Price is almost same for both the countries. The difference of USD 10 lies because of the freight charges.
As per the trend in the market for both these countries, the imports are about to remain same in the coming weeks.
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