This week imported ferrous scrap market in Pakistan is expected to remain slow noticing few trade deals. Market participants shared indications for softening sentiments in line with the global market.
Pakistan based steel mills have reported to have booked some vessels for ferrous scrap this week. Offers from UK remained firm though little softening in the offers witnessed from USA.
As per assessment, Offers for Dubai origin HMS 1&2 in containers stood around USD 325-330/MT, CFR Port Qasim, down by USD 5-10/MT than an assessment of USD 335/MT, CFR last week.
Offers for containerized Shredded scrap for both USA and UK origins heard stable on W-o-W basis at USD 345/MT, CFR Port Qasim. A Pakistan based steel mill is heard to have booked 5,000 MT Shredded scrap in containers from both USA as well as UK at USD 345/MT, CFR this week.
A market participant from steel mill based in Pakistan shared with SteelMint that-“Small volumes of scrap can be procured at little negotiated prices around USD 340-341/MT, CFR but when we inquired for bookings above 2000 MT quantity, offers for UK origin scrap heard elevated up to USD 345/MT, CFR and further. Thus offers from UK are still firm though USA market seemed to be little softening.”
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