IRON and STEEL   Scrap & Recycling  

Imported Scrap Market Standstill, Domestic Steel Market Lacks Clarity

SteelMint learned in recent conversation with market participants that local steel prices in Pakistan have come down today after witnessing a slight lift towards the closing of the last week

Few participants have resumed back operation after New Year vacation, however, overall sentiments remained still dull. Also, few sources mentioned local steel market hasn't gained momentum amid bank holidays.

According to sources, suppliers are yet to come back fully into the market however, new offer levels heard for containerized Shredded scrap at around USD 325-327/MT, CFR Qasim from Europe and UK origin. On a weekly basis, SteelMint’s assessment remains standstill for imported scrap.

Offers for Middle East origin HMS 1 in containers assessed stable at around USD 323-325/MT, CFR. While very limited offers of HMS 1&2 are being reported at around USD 320-322/MT, CFR.

Local steel market awaits clarity - According to sources, a jump of PKR 1000-1500/MT observed in local steel prices after reopening the market last week, however, few furnaces have resumed back operation to recover losses following which supply side is growing and local steel prices have come under pressure again this week.

Surplus stocks of finish steel and slow demand increasing the gap between supply and demand and thus, local prices have now dropped back to the levels assessed earlier last week.

Many steel mills and plants in Punjab and KPK temporarily closed down due to extremely cold weather slowdown amid closing of the month and gas load shedding in few regions of the country. Liquidity issue also has not resolved yet. Participants remain hopeful for stability after a few weeks.

Amreli Steel observes stable sales in December - Despite a weak situation in the local market, Amreli Steel, a leading Steel mill in Karachi managed to sale considerable volume in December. An official reported that total sales recorded at around 19,000 MT in Dec’18 which usually remains around 15,000 MT every month. Deformed G-60 bar prices stand in the range PKR 105,000-106,000/MT, ex-Karachi inclusive of taxes.

Although the first quarter in the subcontinent ship recycling sector being historically a positive, Gadani based participants are likely to wait for a comeback in its local steel market in months ahead.

News No: 3190
Date: 2019/01/08 - 01:48
News Source: SteelMint

Scrap  Middle East  steel  Amreli Steel 


Leave a Comment:


Kashan Amir Kabir Steel Co. joined the five companies in the Iranian Superior Knowledge Organization

Me-Metals – In the seventh ceremony of the world prize of the Asian Superior Knowledge Organization and after the evaluation by the international experts of the MAKE world prize, Kashan Amir Kabir Steel Co. succeeded to join the country’s Superior Knowledge Organization and became one of the reputable brands in the world.

Crude steel Output Rises 13% in 10 Months/Steel Products Exports Up 102%

Iran’s steel products and crude steel production in the first ten-month of the current Iranian year (March21,2018- Jan20,2019), registering a 7% and 13% growth respectively YOY.

India: Chrome Ore Production Rises Substantially in Jan’19

Odisha contributes almost entirely towards chrome ore production in India. Chrome Ore Production in Jan’19 was noted to be 601,338MT . It is about 76% higher as compared to the previous month viz., Dec’18.

Pakistan Govt Likely to Increase Electricity Tariff - Sources

As per industry sources report to SteelMint, Pakistan’s Government has indicated a hike in electricity tariffs by upto around 25% over the next few months period.

Indian Domestic HRC Trades Slow down; Automobile Sales Disappoint

This week Indian HRC prices witnessed slight increase in traders market after announcement of sharp price hike by INR 1000-1500/MT by major Indian steel mills last week for March deliveries.However dull trades restricted surge in prices in trade segment this week.

Iran: Domestic Billet Offer Rises Over Limited Supply

Iran domestic billet offers reportedly increased last week over the limited supply and increase in demand from the re-rollers. During last week, the billet offers almost reached USD 500/MT.
Upcoming Events
 Mines & Metals

Mine & Business Today

 Scrap & Recycling


Our partners