Over low inventories available and increasing global scrap offers, Pakistan scrap prices hiked sharply in a couple of days.
As per recent conversations with market participants SteelMint learned that, Pakistan scrap market has been observing sharp hike in imported scrap prices in this week. In a recent trade deal concluded, around 7,000 MT of premium quality Shredded 211 scrap sold at around USD 397/MT, CFR Pakistan. According to sources, Pakistan based importer booked it from UK based leading scrap supplier yesterday.
This deal pushed price assessment sharply by around USD 15/MT on W-o-W basis. Earlier to this, a trade deal was concluded in Pakistan at USD 392/MT, CFR level at the beginning of the week. Last week the price assessment was at around USD 375-380/MT, CFR Pakistan level.
Offers for Shredded 211 scrap in containers now assessed in the range of USD 385-395/MT, CFR Pakistan depending on the quality of scrap. Offers for HMS 1&2 (80:20) in containers from Dubai assessed at around USD 380-385/MT, CFR Port Qasim.
“Pakistan scrap importers turned active for scrap imports despite high offers looking over the sharply decreasing inventories available with them. Recently a trade deal concluded at USD 395-397/MT levels as many of them were in the search of premium quality scrap from reliable sources” – shared a Pakistan based trade source.
Turkey imported scrap prices climbed further in recent trades –
Global scrap prices are increasing continuously over the strengthened demand for finish steel. Recently Turkey based importers have started booking April shipments at higher prices.
In a recent trade deal concluded, an Iskenderun region based importer booked 35,000 MT cargo comprising 13,000 MT of HMS 1&2(90:10) at USD 360.5/MT, 20,000 MT of Shredded at USD 363.5/MT and 2,000 MT P&S scrap at USD 368.5/MT,CFR Turkey respectively. According to sources, this cargo was sold for early April shipment from USA based leading scrap supplier.
This deal has pushed price assessment of USA origin HMS 1&2(80:20) up by USD 3-4/MT to USD 358-359/MT, CFR Turkey. However, last reported price assessment was at USD 355/MT, CFR Turkey in the deals concluded in the beginning of the week.
Leave a Reply