Higher offers for containerized import scrap have started to emerge in Pakistan this week. Accordingly, after several deals for ex-UK/EU shredded scrap were done at $425-430/mt CFR last week, new offers have been heard at $440/mt CFR this week. Besides, a deal for around 4,000 mt of ex-UK shredded scrap has reportedly been done at $440/mt CFR, according to sources. Meanwhile, offers for ex-Middle East HMS grade scrap have settled at $490/mt CFR Qasim.
Despite the lower-priced scrap deal in Turkey at the beginning of this week, sentiments in the global scrap market have changed to positive. “The mood is more positive now amid the situation in Turkey, where market insiders believe that, if there is no one left with a stressed cargo, the prices may have hit the bottom, or even increase in the next rounds,” a market insider said.