Trades for imported scrap to Pakistan remained silent with hardly any deals getting concluded in the last several days. As most of the steel mills and furnaces in the country are non-operational (except for few mills in KPK which got permission to resume) due to the continued lockdown, buyers seemed disinterested in making fresh bookings, especially with no confirmation that furnaces will be allowed to operate after 30th April, the present lockdown date
Assessment for Shredded 211 scrap from UK/Europe to Pakistan stands at USD 270-272/MT CFR, slightly down from the USD 275-278/MT levels of last week, with offers inching down to USD 270/MT after the fall at global levels post latest Turkish booking recently.
However, even at these levels, no interest from buyers was witnessed, who had already stocked enough material through earlier bookings at lower prices, and have no buying necessities presently at these price levels, till steel production commences again.
Domestic steel market remains devoid of correct price level for finished steel, as few mills with prevailing stock are selling steel bars at high prices, as resumption of some construction projects has put some demand in market. Correct offers will only be reported after the market opens again, shared market sources.
Leave a Reply