After a long absence of buyers from the market and cautious look at the market. The buyers of Pakistan have returned to the market even when prices are at high levels.
According to a trader, “The prices have moved to USD 310-315/MT levels increased by USD 5-10/MT W-o-W. There has been one bulk ferrous scrap booking at USD 312/MT (Shredded) CFR Pakistan and Containerized scrap booking at USD 310/MT CFR Pakistan. The bookings from Dubai are said to be at USD 300-305/MT (HMS1) levels CFR Pakistan”
After the market in Turkey recovered, it effected the Global market and the prices started to recover. And the buyers returned to the market and started buying even at high prices.
According to sources, “For now the global market is firm and is expected to return back strongly by 2nd week of April. There is an uncertainty of coking coal due to cyclone which hit in Australia. If the prices of coking coal increases it would certainly effect the ferrous scrap prices too. The prices for Shredded CFR India is said to be at USD 310/MT and HMS 1&2 (80:20) at USD 290-295/MT levels.”
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