Imported scrap prices to Pakistan fell marginally in the recent deal against the previous assessment made earlier last week.
In the latest deal reported on Tuesday, around 1000 MT Shredded 211 scrap from USA is heard to have sold in containers at USD 365/MT, CFR Pakistan. However, No major deal reported this week over the expectations for further correction in the prices. Also, sellers seemed resisted amid market volatility.
Offers from UK/US origin for Shredded scrap were in the range of USD 365-370/MT, CFR port Qasim.
Prices have moved down marginally against last week’s assessment which were around USD 367-370/MT, CFR.
Scrap inventories in Pakistan are limited and buyers seem to import more scrap volumes in coming days, however, buying interest remain slightly below by USD 5-10/MT than current offer levels and most of the participants remain expecting for further fall in the prices.
“Imported scrap prices in Pakistan may possibly come down on weakening global scrap market, suppliers are trying to keep the market up but bids placed by Pakistan buyers for Shredded scrap were around USD 362-365/MT, CFR port Qasim.” – shared a source.
Global scrap prices have weakened in the last deals reported. Imported scrap prices in Turkey have declined in recent deals concluded. In the latest deal reported, a Marmara region based buyer booked a Baltic cargo comprising 9,000 MT HMS (80:20) at USD 354/MT, 16,000 MT Shredded at USD 359/MT and 6,000 MT Bonus scrap at USD 364/MT, CFR Turkey respectively.
This trade reflected into an increase in expectations from buyers to see further downward movement in the offers from US and Baltic scrap suppliers in coming days.
Bangladesh steel mills prefer domestic scrap over imported
Imported Shredded scrap offers from Europe to Bangladesh were heard around USD 380-385/MT, CFR. And few offers for HMS from West Africa and Brazil were heard at around USD 360-370/MT, CFR levels. Market participants highlighted reluctance towards imported scrap amid comparative lower ship breaking prices.
Ship breaking prices in Bangladesh are assessed around USD 410/LDT for general dry bulk cargo, USD 430/LDT for tanker cargo and USD 440/LDT for containers respectively on CNF Bangladesh basis.
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