Imported Scrap Offers to Pakistan Remain Stable; Limited Trades Reported

Imported scrap trades to Pakistan remained slow for another week with buyers staying away from actively procuring on sufficient bookings for Jan’20 shipments. Offers to Pakistan remained mostly stable in comparison to last week, with only few suppliers offering presently as most European yards remain closed for winter vacation.

SteelMint’s assessment for containerized shredded 211 scraps from UK/Europe remains range-bound between USD 313-315/MT, CFR Qasim, more-or-less stable against last week’s report.

Few bookings for shredded were witnessed at USD 310-311/MT CFR this week, however not many inquiries were reported in the Trade sources shared that fresh offers will be witnessed only from 2nd week of Jan’20 onwards once major markets resume trades again after vacations.

HMS 1 super offers from UAE witnessed an increase by up to USD 10-15/MT and currently standing at around USD 300/MT CFR Qasim, with few deals being concluded at these levels.

Domestic steel market is witnessing an year end closing today and most mills as well as retailers have closed their sales today, with fresh offers for billet and finished steel likely to be announced in the coming days. Sources expect market direction to be clear in coming days after holidays.