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Pakistan Steel Mills Actively Book Imported Scrap; Prices to Lift Further

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Melting Scrap

BigMint Bureau

646 Reads

1 Nov 2017, 13:07 IST

Pakistan Steel Mills Actively Book Imported Scrap; Prices to Lift Further

Offers assessed this week were more or less stable on weekly basis. However prime suppliers indicated offers to inch up further by USD 5-10/MT on robust scrap demand from Pakistan steel mills.

Ferrous scrap importers in Pakistan are facing robust demand for restocking materials this week. Most of the leading scrap importers have shown prominent buying interest with active market sentiments in Pakistan. Procuring materials at present levels is hardly expected right now over lesser material availability as materials from UK and USA has already booked for November deliveries.

Offers assessed this week for containerized scrap stood more or less stable on W-o-W basis from buyer's end however prime suppliers remained indicating offers to inch up further by USD 5-10/MT in the near short term.

Pakistan's scrap buyers need to restock materials against lowering inventories, On the other hand, suppliers based in UK and USA are less likely to offer scrap at present levels and remained expecting for further hike in these levels.

Offers for containerized Shredded of UK & Europe assessed at USD 330/MT, CFR Port Qasim but these levels are expected to climb above USD 335/MT amid strong global demand for scrap in upcoming days. Market participants reported trade deals to have concluded for Shredded scrap at USD 330/MT, CFR.

Latest offers for Dubai origin HMS 1&2 in containers heard at USD 308-310/MT, CFR Port Qasim which have increased marginally up by USD 3-5/MT against assessed around USD 303-305/MT, CFR last week.

A participant from a leading steel mill in Pakistan shared -"The imported scrap market is fairly active in Pakistan for restocking higher scrap, we have booked substantial volumes of Shredded scrap in containers this week from major suppliers like UK and USA at USD 330/MT levels."

Since last few weeks, scrap importers in Pakistan have been booking ample volumes of ferrous scrap. Few importers are now looking for buying more cargoes in upcoming days.