Following a global price hike, imported scrap prices to Pakistan have increased by over $20 on a weekly basis. Not many recyclers were actively seen offering material due to holidays. Hence limited offers continued to push offers up in Pakistan. SteelMint’s assessment for imported shredded 211 scrap in containers from UK/Europe stands at $448/t CFR Qasim, moving up considerably by $20/t as compared to the beginning of last week.
On the other hand, Turkish buyers have kept the global ferrous scrap market price upward with its latest deals have getting concluded this week at uppermost levels.
Recent deals and offers-
- Fresh offers for UK /EU origin shredded were reported at around $445-450/t CFR Qasim level
- Around 3,000 t of shredded have been sold at $450/t CFR Qasim basis, while buyers firm inquiries for around 5,000-7,000 t of imported scrap were heard from a trader
1,000 t of UK origin containerized shredded scrap has been booked towards end of last week at $445/t CFR Qasim - While another 1,000 t of shredded has been sold at $443/t CFR basis
- Furthermore, 1,000 t of UK origin 4a/4c bundles have been sold at $470/t CFR Qasim basis.
- Currently, HMS 1&2 (80:20) is being offered at $405-410/t CFR Qasim.
Pakistan based steel mills raise rebar offers– Pakistan based major steel mills like Amreli, Agha have raised deformed bar offers today by PKR 5,000/t. Following the global scrap price trend, domestic scrap prices in Pakistan have moved up on a weekly basis on tight availability. Local scrap currently is being traded at PKR 76,500/t level, and the prices have increased by PRK 2,000 w-o-w. Also, the second tier steel mills have increased prices for bala billet by PKR 2,000 on a weekly basis.
Pakistan domestic steel prices as on 21st Dec’20
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