Pakistan: Imported Scrap Prices Climb Amid High Global Prices

Over sharply falling scrap inventories and supportive domestic finish steel markets, Pakistan imported scrap market witnessed recent trade deals at high prices

As per recent conversations with market participants SteelMint learned that, Pakistan scrap importers remained active as market observed several trades in containers at further increased prices this week. In the recent trade deals concluded, Shredded 211 scrap in containers sold at around USD 400-404/MT, CFR Pakistan levels from UK based scrap suppliers. While HMS 1 from Dubai sold at around USD 390/MT, CFR Pakistan.

Offers for Shredded 211 scrap in containers now assessed in the range of USD 400-405/MT, CFR Pakistan from yards in Europe and UK. Offers for HMS 1&2 (80:20) in containers from Dubai assessed in the range of USD 385-390/MT, CFR Port Qasim. While, Europe based HMS 1&2 (80:20) offered at around USD 380/MT, CFR.

Last week Shredded scrap was assessed at around USD 395-398/MT, CFR and HMS (80:20) at USD 385/MT, CFR. Thus, on W-o-W basis prices have increased by USD 5-7/MT, CFR Pakistan. However, trade sources mentioned less offers being quoted by US suppliers.

Ship breaking prices in Pakistan also remained strong with steady sentiments. Prices assessed at USD 450/LDT for general dry bulk cargo and at USD 460/LDT for containers on CNF Pakistan basis.

"Few trades for scrap concluded this week in Pakistan over falling scrap inventories. Current domestic scrap shortage and rising finish steel prices are supporting scrap imports from buyers. Many of them anticipate that finish steel prices should further move up in coming days. However, few importers were resisting such high offers and kept waiting"- shared a source.

Turkey imported scrap prices edge up in recent trades -

Global scrap prices strengthened further as the demand for finish steel is still robust in Turkey.

In a trade deal concluded, a Marmara region based importer booked cargo comprising 20,000 MT of HMS 1&2(80:20) at USD 374.5/MT and 5,000 MT of Bonus at USD 384.75/MT, CFR Turkey respectively. According to sources, the Baltic seller sold this cargo for April shipment.

Latest deals have pushed price assessment of USA origin HMS 1&2(80:20) up at USD 375-377/MT, CFR Turkey against the last report of USD 371/MT, CFR.