Pakistan: Imported scrap trades turn slow ahead of holidays; prices firm

Imported scrap trades to Pakistan have slowed down ahead of upcoming Muharram/Ashura holidays this weekend (29th-30th Aug'20). Offers to Pakistan remained firm as compared to last week, however major buyers are bidding lower than current offers. Buyers and steelmakers, looking for more clarity in imported scrap offers and market may see some activities after the holidays, SteelMint learnt from market participants.

SteelMint's assessment for Shredded 211 scrap from UK/Europe remains at $310/t CFR Qasim, similar against the last week's opening.

• Scrap suppliers are offering $307-315/t CFR level for shredded in containers, few deals are happening at $308/t CFR level.
  
  
• Whereas, bids stand at $303-307/t CFR level, witnessing less booking activities at these levels.
  
  
• HMS 1 and PNS from Dubai are being offered at around $310/t CFR basis in containers, while buyers' price idea stands at $300/t CFR level.
  
  
• HMS 1&2 (80:20) from UK is being offered-in containers at around $290/t CFR Qasim, with very low-interest buyers bidding at $280/t CFR Qasim level.
  
  
• HMS 1&2 (80:20) from Dubai remained at $300/t, whereas very less bookings are happening for at HMS at $295/t CFR level.
  
  

Domestic market overview

Pakistani domestic steel prices also remained mostly steady this week, due to heavy rains and slow finished steel demand along with holiday mood prevailing in the country. Local scrap (equivalent to shredded) price stayed firm since last few weeks at PKR 72,500/t, inclusive of taxes.