Pakistan ferrous scrap market remain idle again in this week owing to high prices for all grades of scrap offers all over the globe. The buyers remained resistant to accept such high bids and remain waiting and searching for the cheaper ferrous scrap.
The offers for HMS 1 & 2 (80:20) in containerized as well as for cargoes stood at USD 315-325 /MT,CFR port Qasim. Some offers heard for Dubai based HMS 1&2 (80:20) at USD 320 /MT, CFR Port Qasim.
Offers for containerized Shredded assessed at USD 335-340 /MT, Port Qasim for Europe and UK origin Scrap. Some offers from Australian origin Shredded scrap heard slightly around USD 340 /MT, Port Qasim in this week in Pakistan.
“Presently, local inventories for the ferrous scrap are running out of stock and everyone is eagerly looking for fresh bookings but importers have kept away frombooking vessels at such high prices -a Pakistan based steel maker shared in recent conversation with SteelMint.
Replicating price hike in Turkey’s market Pakistan’s ferrous scrap market is also expected to rise further.
Pakistan: Bulk Ferrous Scrap Imports Rise Five Fold in July
As per the customs data maintained with SteelMint, bulk ferrous scrap imports in the Pakistan have increased sharply in Jul’17. The nation has imported 125,030 MT ferrous scrap in Jul’17 against 27,440 MT ferrous scrap in Jun’17.
In line with rising steel capacities, Pakistan’s scrap imports have also moved up.
Major bulk scrap importers in Pakistan in Jul’17
| Consignee | Import Quantity MT | Origin |
| Mughal Iron And Steel Industries | 34,500 | USA |
| New Shalimar Steel Industries | 8,500 | USA |
| Amreli Steels | 7,550 | USA & UK |
| Tayyab Brothers | 6,072 | USA |
| Karachi Steel Re- Rolling Mills | 6,000 | USA |
| Jabbar Steel Industry | 5,500 | UK |
| Punjab Concast | 5,250 | USA |
| Kamran Steel Re- Rolling Mills | 4,200 | USA |
| T.A. Corporation | 3,150 | USA |
Provisional data
Source: Customs Data
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