Latest price assessment for Shredded scrap to Pakistan climbed further by USD 10/MT, However, most of the buyers remained waiting for suppliers to reopen the markets actively and kept seeking for new offers.
Presently amid active demand for scrap materials and sharply declining inventories, the price assessment for imported scrap hiked further in Pakistan by upto USD 10/MT on W-o-W basis.
Current assessment for UK and US origin Shredded scrap in containers is around USD 380-385/MT, CFR Qasim. Shredded 211 from UK assessed at USD 383/MT, CFR Qasim however, suppliers are not offering much presently and likely reopen the markets actively in the next week. The offers for the same material grade were recorded at USD 370-375/MT, CFR last week.
Price assessment for Australia and US origin HMS 1&2 is at USD 355-360/MT, CFR Qasim. Which were heard last week at USD 355/MT, CFR. Dubai origin suppliers are not offering right now over the lacking clarity on the 5% VAT which has imposed after 1st Jan’18 in UAE.
“Inquiries for imported scrap have gain movement in Pakistan now. Buyers are likely to resume scrap buying in containers by the next week amid sharply falling inventories. Strong demand for scrap is witnessed in the market following rising billet and domestic rebar prices in Pakistan. Recently billet prices in Pakistan increased sharply to PKR 74,000-75,000/MT”– shared a participant from Pakistan’s leading steel mill.
“Importers are desperate to hear new offer levels but most of the suppliers from Europe are not offering now. Importers kept waiting for the scrap yards to reopen, which are likely to back into the market actively by next week.”– A source from leading scrap suppling company shared.
Ship breaking prices remained firm in Pakistan with no sales reported at Gadani last week. Prices for ship breaking stood at USD 410/LDT for dry bulk cargo and USD 430/LDT, CFR for containers.
The global imported scrap market witnessed slow reopening and remained less active with unmoved price assessment in Turkey. The current price assessment for US origin HMS 1&2 (80:20) is unchanged around USD 370/MT, CFR Turkey.
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