Pakistan: Imported Scrap Buying remains Subdued

Pakistan’s imported ferrous scrap buying activities continues to remain dull.  Offers for  containerized HMS 1 & 2 of Dubai origin stands at USD 295/MT, CFR port Qasim and for HMS 1&2 from UK offers are around USD 280/MT, CFR port Qasim.

Offers of Shredded scrap of UK origin in containers are assessed at USD 312-314/MT, CFR port Qasim.

Port Qasim is preferred over port Karachi for scrap imports owing to freight advantages and proximity to steel plants.

An official from one of the major Pakistan based steel mills in conversation with SteelMint shared “Though currency devaluation has somewhat restricted scrap imports to the country but the basic production and trading activities must persist going through it for quicker recovery. The vessels booked earlier in May’17 have already arrived and some are to arrive in next week. Therefore Pakistan based scrap importers have kept themselves away from booking vessels this week and are likely to resume booking cargoes in 1st week of Aug’17”.

18,300 MT scrap import vessel to reach Pakistan next week

So far in CY17, total 4 bulk ferrous scrap import vessels have reported in the country and one more bulk import vessel is expected to arrive in Pakistan on 24th Jul’17.Upcoming vessel carrying 18,300 MT ferrous scrap from Australia is to arrive in Pakistan early next week.

According to vessel line up statistics maintained with SteelMint, total 134,430 MT ferrous scrap has been reported so far in Pakistan in CY17.