Scrap import offers to Pakistan trend up

Tuesday, 02 July 2019 23:29:19 (GMT+3)   |   San Diego

On June 25, SteelOrbis reported that offers for containerized shredded (shredded 211) scrap from the EU and UK to Pakistan were at $316-322/mt CFR.

Sources inform SteelOrbis that shredded scrap offers from the EU and UK to Pakistan are now trending up to $320-325/mt CFR, up $4/mt from the bottom of the previous range and $3/mt from the top of the same range.

Pakistan is expected to produce 7 million mt of steel in the fiscal year 2020 (March ended 2020), up 10 percent compared to 6.36 million produced in the fiscal year 2019. To meet production, the country is expected to import 5 to 5.5 million mt of ferrous scrap through the fiscal year 2020.

While Pakistan is undergoing some domestic economic challenges that are evident in its currency devaluation, the Asian Development Bank forecasted its GDP growth at 3.9 percent in its April 2019 publication.

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