Pakistan: Imported Scrap Trades Improve Ahead Eid Holidays

Imported scrap offers to Pakistan stood range bound this week, with a further slight improvement in trades being witnessed. Before Eid holidays from later this week and market closes, buyers look to make some bookings for late June shipments.

Shredded 211 offers in containers from UK/Europe suppliers witnessed a widening of range, with most offers in the range of USD 275-278/MT CFR Qasim, and several deals being closed at up to USD 277-278/MT CFR. However, some other buyers reported that USA origin Shredded was offered at around USD 265-267/MT CFR and deals being concluded at even USD 264-265/MT.

Some European suppliers were also witnessed offering Shredded at USD 268-270/MT, while on the other hand a few premier yards in UK offered at prices as high as USD 280/MT CFR, indicating a volatility in the global market.

"We sold 1000 MT of UK Shredded in containers at USD 278/MT CFR yesterday as the global market gained strength last week" shared a particpant from global trading company.

On the other hand, few other trade sources were more sceptical of the uptick in offers

"We have sold 2000 MT of US origin Shredded at USD 262-263/MT CFR this week, as many buyers are not available in the market and traders are trying to push the market upwards" shared a Singapore based trader.

Domestic finished steel prices remained completely stable on a weekly basis, with prices still remaining high due to a shortage of steel in the local market. Few mills were heard to have planned to continue working in Eid holidays to make up for the loss in lockdown.

Source: SteelMint Research