Imported scrap offers in Pakistan rise further in this week. Inventories for ferrous scrap are still very low. However, high offers and currency fluctuations in the country kept importers little resistant from making fresh bookings.
As per recent conversations with market participants, SteelMint learned that imported scrap offers kept climbing up again in this week in Pakistan. Inventories are still low against consumption rates but rising scrap prices and currency depreciation by PKR 5-6 this week, caused buyers to remain calm in Pakistan.
Current offers for UK origin Shredded scrap in containers are assessed at USD 355/MT, CFR port Qasim, Few offers for Shredded 211 even heard at USD 360/MT, which are up by USD 5-10/MT on W-o-W basis. Offers for the same material grade were recorded at USD 350/MT, CFR last week.
Offers for Dubai origin HMS 1&2 assessed at USD 330/MT, CFR port Qasim which were heard last week at USD 325/MT, CFR. HMS 1 from Australia offered at USD 330-335/MT and HMS 1 from UAE assessed at USD 335/MT this week.
Few buyers were offered 4a/4c premium scrap bundles (CRC bundles) from Brazil and Australia at USD 365/MT, CFR port Qasim.
“Two days back a deal was concluded for Shredded at USD 355/MT and 4a/4c scrap at USD 365/MT, CFR port Qasim but presently buyers are little resisting towards the current offer levels. Strong global scrap prices and the unavailability of materials from sellers end lifted offers further. The currency exchange rate increased now by PKR 5-6 from last week (PKR 110 = 1 USD) thus the buying was slowed down recently”, shared a market participant from a leading scrap trading firm.
Most of the buyers are waiting for domestic billet prices to improve further which are at standstill now in order to resume buying soon. Prices are expected to remain strong till mid of Jan’18 and buyers may return strongly towards the end of Jan’18. – shared a source.
The global imported scrap market has been witnessing firm buying sentiments and imported scrap prices remained strong again this week. The current price assessment for US origin HMS 1&2 (80:20) is now at USD 352/MT, CFR Turkey. In the recent deal concluded 6,500 MT HMS 1&2 (80:20) sold at USD 351/MT CFR, 27,000 MT Shredded at USD 356/MT and 6,500 MT Bonus at 361/MT CFR Turkey respectively.
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