Imported ferrous scrap market in Pakistan has witnessed increase in the offers this week. Current offers for UK origin Shredded scrap are assessed at around USD 335-340/MT, CFR Port Qasim, up by USD 5-10/MT W-o-W. Offers for the same material grade were recorded at USD 328-330/MT, CFR last week.
Offers for Dubai origin HMS have increased to USD 315/MT, CFR Port Qasim this week which were heard last week at USD 305-310/MT, CFR.
Offers for HMS from South Africa are still on the higher side and above USD 320/MT, CFR.
”Bookings will happen at increased offers. We have sold at USD 335/MT and it is expected that prices may touch USD 340/MT, CFR level as well”, shared a market participant from a leading global scrap trading firm.
Pakistan based steel mills are actively booking scrap cargoes. Less availability of scrap from major suppliers due to approaching winters is enforcing need to stock the material.
The global prices for imported scrap has witnessed a rise in line with hike in imported scrap price in Turkey which grew by about USD 8/MT a week before, further enhancing the prices of imported scrap. Assessment for US origin HMS is at USD 314/MT, CFR Turkey.
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