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Pakistan: Slow Start in Imported Scrap Market after Eid Holidays

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Melting Scrap

BigMint Bureau

653 Reads

5 Sep 2017, 13:15 IST

Pakistan: Slow Start in Imported Scrap Market after Eid Holidays

Imported ferrous scrap offers in Pakistan has opened at almost similar level this week. Market remained calm during holidays for festival Eid-al-adha and started slow reopening after holidays with fresh enquiries.

As per assessment offers for UK and Dubai origin HMS 1&2 in containers remained unchanged on W-o-W basis and stood around USD 320-325 /MT, CFR Port Qasim.

Offers for containerized Shredded scrap from USA adhere to USD 345 /MT, CFR Port Qasim. Offers for UK origin Shredded for containerized cargoes were hovering in the range of USD 345-355/MT, CFR Port Qasim depending on the type of yards.

Pakistan is conventionally a containerized market but steel mills have shown interest in bulk cargoes owing to rising demand and over the price difference between containerized and bulk scrap.

Some market participants also heard offers for Shredded scrap from China in this week again.
"I was offered Chinese bulk cargo in this week again by a different trader who offered 10,000 MT Shredded scrap material at an average price of USD 340 /MT but I didn’t accept it owing to some issues related to terms & conditions.”-a buyer from Pakistan added.

“The market has just opened after the Eid holidays. Lets wait and watch for the coming days in this week to get clear picture of the market ”-a participant shared with SteelMint.