This week imported ferrous scrap market in Pakistan has shown significant corrections in the offers. Fresh offers assessed for ferrous scrap have come down upto USD 20/MT lesser than offered last week. Domestic scrap offers and ship breaking prices although remain stable from last week in Pakistan.
As per assessment, Offers for Dubai origin HMS 1&2 in containers stood around USD 302-305/MT, CFR Port Qasim.which are down by USD 15-20/MT than offered last week.Offers were assessed at USD 325-330/MT, CFR last week.
Offers for containerized Shredded scrap for UK origin heard down by USD 15-20/MT on W-o-W basis and assessed at USD 320/MT, CFR Port Qasim. Last week assessment for Shredded scrap offers from UK stood at USD 345/MT, CFR.
Shredded Scrap offers from Europe are assessed around USD 320-325/MT, CFR and few bookings were also confirmed at these offers, shared a Pakistan based scrap trader.
No fresh bulk bookings in Pakistan heard this week.Most of the market participants were expecting to wait for a week’s time in order to have the greater predictability of market direction.
A market participant from steel mill based in Pakistan shared with SteelMint that-“It is quite uncertain to comment on the actual market sentiments right now. It would be better to wait until the end of this week to assess the market in actual. Though offers have shown the significant fall we are expecting the market to weaken further and prices to go down further by USD 10-15.”
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