Towards the end of the week, imported scrap prices in Pakistan increased on fresh buying from local steel mills and traders. According to the latest update received, yesterday a deal of UK origin shredded scrap was concluded at USD 320/MT, CFR and HMS (80:20) being offered at USD 310/MT CFR Pakistan levels.
Scrap offers are higher by USD 5-10/MT compared to last price level for which assessment was done on 3rd October 2017.
“Some big UK suppliers do not want to sell large quantities at lower price. They are expecting prices to move up again” said a steel mill based in Pakistan.
Another scrap importer based in Pakistan confirmed a deal of shredded scrap from UK at around USD 320/MT CFR Pakistan. Last offers were report ed at around USD 310/MT CFR Pakistan.
Pakistan is one of the emerging markets for scrap imports owing to new melting capacities coming up. Country imported about 4 MnT of scrap in 2016 and expected to import about 5 MnT in 2017.
India and Bangladesh based importers remain quiet and offers for Shredded scrap were assessed at USD 315/MT CFR India and USD 330-335/MT CFR Bangladesh.
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