Imported scrap prices in Pakistan witnessed minor downward correction in a thin trade concluded this week, however, scrap market remained less working over non-supportive domestic markets for billet and rebar.
According to recent conversations with market participants SteelMint learned that, imported scrap prices witnessed minor corrections in thin trades concluded this week, but the market remained mostly quiet with no major deals confirmed in Pakistan.
Offers for containerized Shredded 211 from USA remained in the range of USD 360-365/MT, CFR Port Qasim. While few offers for UK origin Shredded scrap heard at USD 358-360/MT levels. Offers for P&S scrap from UK and USA assessed around USD 370-375/MT, CFR Port Qasim.
“ A 30,000 MT Bulk cargo was offered by a leading supplier from USA comprising 21,000 MT Shredded and 9,000 MT HMS 1&2 (80:20) at an average price of USD 370/MT, CFR Qasim. However, that deal was not concluded right at that moment ”- shared a leading scrap buyer from Pakistan.
In a deal concluded in the market on Monday, around 1,000 MT of UK origin containerized Shredded 211 scrap sold at USD 360/MT, CFR Port Qasim. – shared a source.
Offers for HMS 1&2(80:20) were limited and around USD 360/MT, CFR Qasim which stood slightly up post VAT implementation from Dubai. While Ship breaking prices improved by USD 10/LDT W-o-W to USD 450/LDT for dry bulk cargo and USD 460/LDT, CNF Pakistan for containers but no sale reported.
Presently scrap imports in Pakistan are not much feasible owing to less supportive billet and rebar markets. Domestic rebar prices have come down recently by PKR 2,000/MT in Pakistan. Current offers for Grade 60 rebar assessed in the range of PKR 80,000-82,000/MT (USD 723-741), Ex-factory for branded suppliers.
Most of the major importers remained waiting for a further drop in the offers as global scrap prices are continuously falling and amid falling inventories, they are likely to book good volumes in near terms.
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