Import scrap offers to Pakistan have continued to move up at a rapid pace due to the bullishness of global scrap suppliers, following their success in receiving higher prices in deals to Turkey. “The prices are out of control,” a Pakistani trader told SteelOrbis.
Specifically, while on Monday, June 4, shredded 211 scrap of European and UK origin was available at $460-465/mt CFR, up by $5-10/mt week on week, on Tuesday, June 5, most offers have reached $470-475/mt CFR. Pakistani customers have been quite active in bookings, seeking to secure themselves from even more expensive deals. In particular, after a deal for around 3,000/mt of ex-UK shredded scrap was signed at $460/mt CFR, more deals have been signed at $470/mt CFR. Furthermore, several deals have also been signed for ex-UAE HMS grade scrap at $510/mt CFR, while offers have reached $515/mt CFR, up by $5/mt over the past week.
Some market sources believe that by the end of the week import offers for shredded scrap will not be below $480/mt CFR, considering the recent developments in the market.