Imported scrap offers in Pakistan have increased further following rising global prices now. After remaining less active in the last week, recently thin trades in containers for Shredded scrap was reported in Pakistan however, leading buyers are likely to return to market actively in Jan’18.
On W-o-W basis, imported scrap offers to Pakistan increased by USD 10-15/MT now.
Current assessment for UK and US origin Shredded scrap in containers is around USD 370-375/MT, CFR port Qasim. Offers for the same material grade were recorded at USD 360-365/MT, CFR last week.
Offers for Dubai origin HMS 1&2 assessed at USD 355/MT, CFR port Qasim which were heard last week at USD 335/MT, CFR. While offers for Bushelling long scrap are at USD 385/MT, CFR.
“Shredded scrap from USA in bulk was offered at USD 400/MT, CFR but buyers are looking hesitant and are less active for now.”- shared a participant from Pakistan’s leading steel mill.
“In the last sale reported around 1000 MT of Shredded scrap was bought from USA at USD 370/MT by an importer in Pakistan but after which no significant trade activities heard yet. Most of them are likely to resume buying somewhere in starting of New Year.”- a source shared.
Ship breaking prices showed slightly downward movement despite which no sales were reported last week in Pakistan. Prices for ship breaking stood at USD 410/LDT for dry bulk cargo and USD 430/LDT, CFR for containers.
The global imported scrap market has witnessed sharp increase in prices in the recent trades in Turkey. The current price assessment for US origin HMS 1&2 (80:20) is now at USD 370/MT, CFR Turkey. In the recent deal concluded USA seller sold 40,000 MT cargo comprising 18,000 MT HMS 1&2 (80:20) at USD 370/MT, 4,000 MT Shredded at USD 375/MT and 18,000 MT P&S scrap at USD 380/MT, CFR Turkey respectively.
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