Pakistan: Imported Scrap Offers Inch Up; Limited Trades Reported
SteelMint learned in recent conversation with participants that imported scrap offers to Pakistan have moved up USD 5-10/MT W-o-W as suppliers slowly turning resistive to low offers
Participants believe that recent strengthening of prices in Turkey may also result in an upturn in Asian market scrap prices as historically March month has observed decent demand globally.
SteelMint’s assessment for Shredded scrap moved up in the range USD 332-335/MT, CFR Qasim up USD 5-7/MT on W-o-W basis against USD 325-330/MT, CFR report last week. In recent deals confirmed from buyer side, containerized Shredded scrap reported booked at around USD 331-333/MT from UK and Europe. While asking rates from the recyclers in UK, Europe and USA are being quoted at and above USD 335/MT, CFR.
Offers for Middle East origin HMS 1 heard in the range USD 330-333/MT, CFR Qasim. Buyers were mostly interested in the range USD 327-328/MT levels however, no seller seems in position to sell at these levels anymore. UAE origin HMS was sold last week at around USD 326-328/MT, CFR Qasim thus assessment has edged up by USD 5-7/MT on a weekly comparison.
HMS prices of UK/Europe origin recover USD 5-8/MT W-o-W - In recent deal confirmed, HMS 1 scrap from UK origin sold in containers at around USD 315/MT, CFR Qasim, which was assessed at around USD 307-310/MT last week. Offers from Europe and UK are being quoted in the range USD 315-318//MT levels for HMS 1 and for HMS 1&2 (80:20) around USD 310/MT, CFR shared a source.
“There seems no selling pressure in the market from suppliers end, sellers may stick to high pricing as they see market steady in the near terms. Pakistani customers were little hesitant as they see no improvement in the local steel market yet but buyers shall have to improve their bids to procure now” shared a source.
Local steel market observes no major change - Local steel market in Pakistan observed no major change again last week amid trade tensions with India. Prices and demand remained flat with no significant signs of developments. Gadani’s Shipbreaking market stands lowest placed in subcontinent being hardly able to compete in terms of prices. On a depressing outlook, participants see very little hope of concluding any sales any time soon.
source: SteelMint
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