As steel mills in Pakistan returned to the market after the religious holiday last week, demand for imported scrap has improved. This, together with the relatively limited offer volumes from major suppliers and the export ban in the UAE, has led to higher prices in recent deals.
A Pakistani steel mill has concluded a deal for a 32,000 mt bulk cargo of ex-US shredded scrap at $282-283/mt CFR. Market sources said shipment will be in June. According to market players, demand improvement has been supported by the steel production resumption after the holiday. Pakistan’s Prime Minister Imran Khan has announced there will be no lockdown extension due to economic losses.
Bookings of European and ex-UK shredded scrap in containers have been heard at $286-288/mt CFR in Pakistan this week, while last week deals were done at around $280/mt CFR, as SteelOrbis reported earlier. Offers for containerized scrap have already reached $290/mt CFR.
