The recent strengthening of scrap deal prices in Turkey has encouraged European suppliers to raise their offer prices to Pakistan in particular.
Accordingly, since the beginning of the current week, offers of shredded 211 scrap of European origin in containers to Pakistan have started to rise gradually, having hit the bottom at the end of last week at $395/mt CFR Qasim. Following a gradual increase of $5/mt in offers each day, most offers have reached $410/mt CFR Qasim by the end of the current week, with a few suppliers having started to test the market even with higher prices. “After HMS I/II 80:20 scrap broke the $400/mt threshold in Turkey, scrap suppliers became tight here at once. I hope they do not get too greedy and keep the market stable now. Otherwise, it is too absurd,” the representative of a key longs mill in Pakistan stated.
In the meantime, most Pakistani buyers have adopted a wait-and-see stance, while closely monitoring the development of the situation in the global scrap market.