The nationwide lockdown in Pakistan has been extended till 30th April, as announced in yesterday’s address by PM Imran Khan. However, some of the industries have been allowed to start operations on certain conditions/SOPs, which will also include starting of some type of construction activities as well. However, all steel industries are expected to remain shut down for the time being.
The extended closure of steel mills has further diminished demand for imported scrap, with very negligible buying interest observed this week, in comparison to some trade activities witnessed last week. Although offers for imported scrap kept rising due to global supply chain issues and limited material availability at most yards, in line with price rise in recent Turkish bookings.
SteelMint’s assessment for Shredded 211 from UK/Europe and North America stands at USD 270-275/MT CFR Qasim, a further rise of USD 10/MT against last week, while observing almost USD 40/MT increase since bottoming out at the opening of April ’20. As of now no bookings have been witnessed at these levels, with some bids still at USD 270/MT level. The last sales for Shredded were reported earlier at USD 269-270/MT CFR, while no trades for Shredded concluded in recent few days.
A few bookings for Sheared HMS 1&2 from Brazil were reported recently at USD 240/MT CFR. On an overall basis, the market is expected to remain mostly quiet for the coming weeks, amid total closure and decent raw material stocks with mills now for next month’s production.
“Received a few bids of USD 270/MT for Shredded, however, amid lockdown at most places in Europe, offers from yards are very limited presently.” shared a global scrap trader.
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