Pakistan: Imported Scrap Offers Rise Further

Imported ferrous scrap offers in Pakistan continue to remain on the higher side this week again and offers were assessed higher by USD 5-10/MT W-o-W.

"There is no buying interest at the moment for imported scrap market. Offers to Pakistan are expected to rise further owing to increase in imported scrap offers to Turkey”, quoted a Pakistan based steel maker.

HMS of US origin has already touched USD 360/MT, CFR Turkey.

Right now most of the participants are out of the market but many of them remain eagerly waiting to resume back fresh bookings, shared a market participant.

Prices for HMS 1 & 2 (80:20) climbed up by USD 5-10 /MT W-o-W and prices for Shredded rose by USD 5-10 /MT W-o-W. As per assessment offers for UK origin HMS 1&2 stood around USD 330-335 /MT, CFR Port Qasim.

Offers for containerized Shredded scrap is assessed at USD 350-355 /MT, CFR Port Qasim for UK origin.

Bulk scrap vessels remained less preferred than containerized owing to higher offers.