Imported scrap offers continue to remain stable this week and thin buying activities were reported owing to ongoing festive season of Ramadan. Market participants shared that scrap trade activities have also slowed down.
Imported scrap offers for HMS 1 of UAE for 25 tonnes loading are still hovering at USD 280-285/MT, CFR Nhava Sheva.
And HMS 1 scrap offers from UAE to Pakistan are heard at USD 285/MT, CFR port Karachi and USD 290/MT, CFR port Qasim.
UAE ferrous scrap exports – UAE is ranked 10th in terms of global exporter of ferrous scrap. Out of total ferrous scrap exported from UAE, India accounts for share of around 70-80% and rest is exported to other countries. According to customs data maintained with SteelMint, in CY16 India imported 0.7 MnT ferrous scrap from UAE. In recent times, Pakistan has also raised its ferrous scrap imports from UAE amid its increasing crude steel production.
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