Imported scrap prices in Pakistan drop by $10 w-o-w in recent trades
...
Pakistan's imported scrap prices have softened this week, following correction in global scrap prices and dull finished steel market sentiments. SteelMint's assessment for Shredded 211 scrap in containers from UK/Europe stands at $310/t CFR Qasim, down by over $10 w-o-w.
Recent trades and offers-
- Suppliers have quoted shredded in containers in the range of $310-315/t CFR Qasim from UK/Europe.
- Around 2,000 t of shredded scrap from UK has been booked in containers at $309/t CFR basis, down by $8/t against the deal concluded earlier last week.
- Whereas, offers for Shredded 211 from Australia and New Zealand are at $312/t and $310/t CFR levels respectively.
- Offers for HMS 1&2 (80:20) have dropped sharply by $10-15/t w-o-w, and currently, is being traded at $285-290/t CFR Qasim.
Imports fell by 40% in Aug'20 - Ferrous scrap imports to Pakistan have dropped significantly by 40% to 0.15 mn t of scrap imported in Aug'20, as compared to 0.25 mn t imported a month ago in Jul '20, as per customs data maintained with SteelMint. It seems like steelmakers have sufficient scrap inventory and dull finished steel market sentiments have lowered imports.
Domestic steel market overview - Domestic market sentiments remained dull in the last one week. Local scrap price has dropped by around PKR 1,500/t on a w-o-w basis. However finished steel prices have remained largely stable.
Pakistan domestic steel prices as on 22nd Sept'20