Following the latest scrap bookings to Turkey at higher prices and the consequent consolidation of bullish sentiments in the global scrap market, foreign scrap suppliers have increased their offer prices to Pakistan. Pakistani customers, in their turn, have resumed active negotiations amid their concerns that prices will continue to move up further. On balance, by the end of the current week a few cargoes for shredded scrap in containers have been sold to Pakistan at $540-550/mt CFR Qasim. The prices are $5-10/mt higher than those voiced by foreign scrap suppliers at the beginning of the current week.
Meanwhile, ex-UAE HMS scrap is currently available at $520/mt CFR Qasim, SteelOrbis has learned.