Prices for imported scrap have continued to go up in Pakistan and the higher levels have also been confirmed in some deals. Though finished steel demand is still far from improved, increased buying from India and higher offers have pushed buyers in Pakistan to book some volumes also, SteelOrbis learned from the market on August 4.
New offers for ex-Europe/UK shredded scrap have been voiced at $420-425/mt CFR Qasim from both traders and recyclers, up from $415/mt CFR reported earlier this week. And a few deals for this grade in containers have been reported at $417-418/mt CFR as having been done yesterday, up from the previous deal price of $413/mt CFR. This means that the deal prices have increased by $10-13/mt over the past week. “There are higher offers for Pakistan due to India buying in the region,” a source said.
Offers for shredded in containers have increased to $415-420/mt CFR in India, up from $410-412/mt CFR reported earlier this week and from $405-410/mt CFR last week. There have been some reports of sales at $415/mt CFR for shredded in containers to India. Moreover, there has been information about a large bulk booking at $405/mt CFR for HMS I/II (80:20), which, however, has remained unconfirmed by the time of publication.