In line with rising global scrap prices, stronger buying interest but limited material availability has pushed up imported scrap offers to Pakistan by USD 5/MT W-o-W.
As per recent conversations with market participants, SteelMint learned that imported scrap offers kept climbing up again in this week in Pakistan.
Current offers for UK origin Shredded scrap in containers are assessed at around USD 340-345/MT, CFR Port Qasim, up by USD 5/MT on W-o-W basis. Offers for the same material grade were recorded at USD 335-340/MT, CFR last week.
Offers for Dubai origin HMS 1&2 have increased to USD 320/MT, CFR Port Qasim which were heard last week at USD 315/MT, CFR however very less offers heard for HMS scrap in Pakistan this week.
“Scrap market in Pakistan is active and buyers are constantly looking for fresh scrap amid lowering inventories but the unavailability of materials from sellers end still continues over lowering collection rates in winter. Few deals for Shredded at USD 340-345/MT level were sold recently”, shared a market participant from a leading scrap trading firm.
A Bulk scrap cargo to arrive in Pakistan at end Dec’17 –
A vessel carrying 30,000 MT ferrous scrap comprising 25,000 MT Shredded and 5,000 MT HMS 1&2 was booked in mid of October month by Mughal Steel – one of the leading bulk scrap importer in Pakistan. The vessel is expected to arrive in Pakistan by around 25 Dec’17.
“Pakistan scrap market is segmented into various fractions and the requirement of scrap is quite varied depending on the buyers. Steel mills with very few inventories left with them are buying in small tonnages at available prices. While many of them are preferring local scrap due to very high prices in international market.”– shared a Pakistan based scrap trader.
The global imported scrap market has witnessed strong buying sentiments despite the hike in imported scrap prices. In Turkey offers grew by about USD 9/MT from a week before and assessment for US origin HMS is now at USD 323/MT, CFR Turkey.
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