NEWS
Scrap & Recycling  

Pakistan: Imported Scrap Offers Move Down; Local Steel Prices Stable

SteelMint learned in recent conversation with market participants that imported scrap market has turned silent despite marginal correction in offers. Local steel prices remained almost supported as many mills are not operating at full capacities.

Local market witnessed multitude of issues turning it uncertain about when it will improve for good.

Containerized Shredded 211 from Europe and UK is being offered in the range USD 335-340/MT, CFR Qasim, down by USD 8-10/MT W-o-W. Few leading recyclers offered Shredded in the range of USD 340-345/MT, CFR but not much buying interest seen at these levels and no significant deal reported.

Limited offers were available for Dubai origin HMS 1 on reduced supply since couple of weeks. Offers heard at around USD 330-335/MT, CFR Qasim, down 3-5/MT W-o-W basis. Local availability remains low in Dubai while local demand heard to have slightly improved resulting in high costing for exports. However, buyers are holding back on an anticipation of further price drop.

Local market endures several issues, turns uncertain - After witnessing massive protest against suspension of high rise building projects last week, the Government has assured issuance of NOC certificates to builders within a week. Ongoing political turmoil and liquidity crunch keep market uncertain about future demand.

The National Electric Power Regulatory Authority withheld the countrywide applicability of increase of PKR 1.27 per unit in electricity tariffs on some legal grounds, saying it lacked legal authority for want of quorum. While the concerns of cheap Chinese and Iranian billets being imported in the country increased further on recent drop of Chinese steel prices over the past couple of weeks.

Local steel prices remain unmoved - In Punjab region, deformed rebar assessed in the range PKR 100,000-101,000/MT, ex-works varying on quality and thickness. In Sindh region price assessed at PKR 102,000-103,000/MT, ex-works. Deformed premium G-60 rebar prices heard in the range PKR 104,000-106,000/MT, ex-Karachi inclusive of taxes.

Ship breaking market remains quiet - According to reports, Gadani based buyers remained extremely mute on volatile sentiments in local market. End buyers could not fetch any significant tonnage as local offering remained lowest in the subcontinent. Local ship plate prices assessed at PKR 76,000/MT stable as against the last report. While Ship breaking prices stand stable at USD 420/LT for dry bulk cargo, at USD 440/LT for containers and USD 430/LT for tankers.

News No: 2748
Date: 2018/11/29 - 01:00
News Source: SteelMint

Scrap  steel  containerized Shredded scrap  National Electric Power 

Comments:

Leave a Comment:

   
   
   
 

India: SAIL Receives Good Response in Pig Iron Auction; 50% Material Booked

SAIL's pig iron auction conducted today for 6,500 MT steel grade pig iron from its Rourkela Steel plant (eastern India) has received quite better response in line with last auction which was held on 15th May'19.
 

India: Domestic HRC Offers Remain Under Pressure Over Low Priced Imports

This week Indian HRC trade prices continue to fall in few markets like Chennai, Ahmedabad and Hyderabad as demand failed to improve in domestic market. However in other regions like Mumbai , HRC prices have remained unchanged this week.
 

Bangladesh: Imported Scrap Offers Inch Up; Buying Activity Remains Low

In conversation with market participants, SteelMint learned that imported scrap offers to Bangladesh have shown a marginal upward movement this week following the recovery in global levels.
 

India: Domestic Pellet Prices Climb Further in Recent Deals

According to the market participants reported to SteelMint, Durgapur pellet prices have increased further in recent trades concluded today. In Durgapur (Eastern India) prices hike by around INR 500-600/MT D-o-D. SteelMint’s reference pellet price assessment stands at INR 6,900/MT against INR 6,300-6,600/MT /MT yesterday.
 

India: Raipur Pellet Prices Hit 3-Month High

Pellet offers for this week increased sharply in the recently concluded deals. SteelMint’s assessment stands at INR 6,900-7,000/MT (ex-Raipur, GST extra) against last week’s assessment of INR 6,600/MT. Current prices are hovering at 3-month high.
 

Indian Sponge Iron Prices to Likely to Remain Strong - Manufacturers

Sponge iron market seems to remain strong, as per manufacturers in central & eastern India. Rising raw material prices & active demand are likely to keep Indian sponge iron prices supported, they added.
Upcoming Events
Publications
 Mines & Metals

Mine & Business Today

 Scrap & Recycling

Ahangan

Our partners