Pakistan imported ferrous scrap offer prices continue to remain on the upswing in this week again. According to a recent conversation with the market participant SteelMint learned that buying interest continues to remain low amid volatile market.
Right now most of the participants are out of the market due to leftover stock is available with them. None of the buyers would like to take the risk in such volatile market and many of them remain holding back themselves from fresh booking.
Prices for HMS 1 & 2 (80:20) climbed up again USD 5-10 /MT W-o-W and prices for Shredded arose by USD 15 /MT W-o-W.
As per assessment offers for Dubai origin HMS 1&2 is around USD 320-325 /MT, CFR Port Qasim.
Offers for containerized Shredded is assessed at USD 345-350 /MT, CFR Port Qasim for UK origin. Offers for Australian origin Shredded scrap are heard slightly higher at USD 355 /MT, CFR Port Qasim during this week.
Limited deals reported at high offers –
Breaking the silence of past few weeks, a fresh booking has confirmed by Pakistan’s leading steel mill for containerized 5,000 MT Shredded scrap at USD 340 /MT, CFR port Qasim.
Except above mentioned booking no further buying deals were heard from Pakistan buyer throughout the week. The last bulk import vessel in Pakistan named ‘Densa Hawk’ carrying 31,500 MT scrap from USA arrived at berth in Pakistan on 11 Aug’17.
In line with rising steel capacities, Pakistan’s scrap imports have also moved up in this fiscal.
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