Imported scrap offers to Pakistan kept unchanged this week as overall trade activity remained low. Current offers for containerized HMS 1&2 from Europe and US being assessed at USD 280/MT CFR Pakistan where as Shredded being assessed at USD 295-300/MT CFR port Qasim.
HMS 1 (25 tonnes container load) offers from Middle East at USD 285-290/MT CFR Pakistan. PNS offers being assessed at USD 305/MT and turning boring at USD 245-255/MT CFR Pakistan main ports.
” Demand is weak at the moment due to Ramadan festival. This will deteriorate further when labours go holiday for next 10 days.” said a trader based in Pakistan.
Steel prices to go up in domestic market on account of government’s decision to hike power tariff by INR 1.50 per unit, which was announced in the recent budget session.
Scrap imports to Pakistan is increasing gradually amid higher steel production. Country has reported a sharp rise in steel production in 2016. Although there is no official data available for scrap imports to Pakistan , but it is expected not be less than 3 MnT pa.
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