Pakistan continued carrying thin trades in containers for ferrous scrap again in this week. Most of the offers assessed stable on W-o-W basis with slight corrections of USD 5/MT. During last two weeks, scrap importers in Pakistan have booked considerable volumes of ferrous scrap in counter to lowering stocks. Buying Inquiries remained higher and few importers kept looking for booking more cargoes.
Offers for Europe origin Shredded scrap assessed at USD 323-330/MT, CFR Port Qasim.Importers are heard to keep buying Shredded in containers at USD 325/MT, CFR.
Offers for Dubai origin HMS 1&2 in containers have fallen marginally to USD 303-305/MT, CFR Port Qasim which were last week assessed around USD 305-310/MT, CFR.However, buying interest still remains lower at USD 300/MT, CFR.
A participant from a leading steel mill in Pakistan shared –“The market seems stable, I have been offered two cargoes of USA origin ferrous scrap containing 80% Shredded and 20% HMS 1&2 but I would prefer to wait for a week’s time more and keep observing a market in order to get clear understanding of market direction.”
It seems that Pakistan based bulk scrap importers are eyeing for further price corrections following the decline in Turkey scrap prices. Imported scrap prices in Turkey have come down by USD 5/MT and are assessed around USD 300/MT, CFR for US origin HMS (80:20).
Pakistan is conventionally the container market. However, nowadays amid expanding capacities, few importers have initiated with bulk bookings for ferrous scrap. Many of the emerging importers are now looking for collective buying and trying to tie-up with the larger importers in Pakistan.
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