SteelMint learned in recent conversation with participants that imported scrap offers from supplier side continued uptrend, however, trades have been slowed down this week as buyers are holding back on new purchases amid dull local sentiments.
SteelMint’s assessment for Shredded scrap moved in the range at USD 335-340/MT, CFR Qasim. Sellers made an attempt to push the prices up following global levels as asking rates from leading yards in the US and UK is being reported in the range USD 340-342/MT, CFR.
However in the recent trades confirmed, Shredded 211 scrap was sold at around USD 333-335/MT, CFR Qasim from Europe and US origin. This has pulled assessment up USD 5/MT on weekly basis.
The Middle East and South Africa origin HMS heard stable at around USD 325-330/MT, CFR amid limited inquiries at the moment. HMS offers from UK and Europe assessed at around USD 320-325/MT, CFR depending on quality.
“Local steel market situation remains bad, many of the steelmakers are cutting down their production as supply side is quite above the present demand in the market. Sales of Bala billets and rebar have remained very slow since a couple of weeks resulting in limited scrap buying at the moment” shared a source.
SteelMint’s local steel price assessment –
| Average Prices, Ex-work Punjab and Lahore, inclusive of taxes | |||
| Particular | 04-Feb’19 | Last assessment on 28-Jan’19 | Change |
| PKR/MT | PKR/MT | PKR | |
| Bala (Local Billet) | 73,000-74,000 | 73,000-73,500 | 0 |
| CC Billet | 78,000-79,000 | 79,000-80,000 | -1000 |
| Deformed bar (G-60) | 94,000-95,000 | 94,000-95,000 | 0 |
Source: SteelMint Research
Turkey’s imported scrap prices for HMS 1&2 (80:20) stand in the range USD 310-315/MT, CFR. In a deal concluded in the closing last week, Izmir region based steel mill booked HMS 1&2 (75:25) at USD 308.5/MT and Bonus scrap USD 325.5/MT, CFR.
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