Pakistan: Eid Holidays Keep Imported Scrap Trades Slow

Amid ongoing holidays of Eid Al Adha, Pakistan’s imported scrap market has remained silent. SteelMint learned from market sources that no significant deals were reported as buyers & steelmakers remained away from the market amid holidays.

SteelMint’s assessment for containerized Shredded 211 scrap from US, Europe and UK dropped to 2 years low and currently stands at USD 305-310/MT, CFR Qasim, with only minor deals being reported. HMS scrap observed even fewer trades as stricter custom clearance norms for HMS increased the clearance cost, in addition to the 3% duty on HMS continuing. Dubai origin HMS 1&2 (80:20) is being offered at around USD 290/MT, while HMS 1 is assessed at around USD 295-300/MT, CFR.