Imported ferrous scrap market in Pakistan witness further correction in offers this week. Latest offers have seen a drop by USD 5-10 on W-o-W basis. This week steel mills in Pakistan have raised inquiries for imported scrap.
“Scrap buying inquiries are gaining momentum in Pakistan amid lowering offers. Few bookings of European Shredded scrap in containers were reported. Most of the buyers in Pakistan expected to return to fresh bulk bookings in the near short term”-a Pakistan based trader shared.
Offers for Dubai origin HMS 1&2 in containers stood around USD 295-300/MT, CFR Port Qasim. Offers are down by USD 5-7/MT than offered last week. Offers were assessed at USD 302-305/MT, CFR last week. While offers for Europe origin HMS 1&2 fell to the level of USD 290/MT, CFR Port Qasim this week.
Shredded scrap offers are around USD 302-315/MT, CFR Port Qasim while offers for containerized European Shredded scrap stood at USD 303/MT, CFR Port Qasim. Few thin trades were also confirmed at these offers. Offers for containerized shredded heard down by USD 5-15/MT on W-o-W basis as assessment for shredded stood at USD 320/MT in last week.
A market source from leading steel mill in Pakistan shared with SteelMint that-“This week several cargoes containing combine grades of scrap were offered from USA as well as Europe. I have received offers for European cargo at USD 325/MT for 30,000 MT and around USD 327/MT for 24,000 MT from USA. These cargoes comprise of 75% Shredded scrap and 25% HMS scrap.”
A trade deal carried out recently for 1000 MT Shredded scrap from Europe origin was concluded at around USD 303/MT, CFR.
Bulk ferrous scrap imports to Pakistan remain nil in Sept’17 –
As per recent customs data, Pakistan witnessed no bulk import scrap vessel at berth at port of Pakistan in Sept’17.No bulk scrap imports in the country could be attributed to increased global scrap prices and dull market sentiments in a month of Sept’17. Pakistan imported 106,650 MT ferrous scrap in Aug’17.The country had registered 0.3% fall in scrap imports in Aug’17 against 106,992 MT ferrous scrap imports in Jul’17.
During Apr-Sept’17, Pakistan imported total 241,082 MT ferrous scrap and amid expanding capacities these statistics may reach new heights in coming days.
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