Industry   Scrap & Recycling  

Pakistan: Imported Scrap Prices Hit 4 Month Low amid Sharp Fall in Global Offers

SteelMint learned in recent conversations with industry participants that imported scrap offers in containers to Pakistan have dropped to 4-month low amid global price correction observed during the closing of last week.

With ongoing Ramadan, scrap procurement has remained low due to limited demand. Most of the participants have turned cautious on declining markets amid a lot of availability of offers from supplying yards.

SteelMint’s assessment for containerized Shredded scrap from UK and Europe stands at USD 320-325/MT, CFR Qasim, down by 5-7 USD/MT against USD 327-332/MT, CFR levels that were seen during opening last week. Shredded scrap offers by leading scrap yards from UK and Europe are still hovering in the range of USD 325-330/MT, CFR, however limited offers from other average grade yards heard at around USD 320/MT, CFR Qasim. Notably, Shredded scrap prices have hit 4 months low against the same levels seen in Jan'19.

Supply from Dubai remained very low amid Ramadan slowdown. Offers from Dubai for HMS 1 are reported at USD 330-333/MT depending on quality stable against last week, while UK origin HMS 1 was being offered at USD 310-315/MT, CFR. South African origin HMS 1 is assessed at around USD 326-328/MT, CFR Qasim.

Local steel market remained stable - Domestic steel market continued to be slow with ongoing Ramadan holidays while few steel mills are operating at a lower capacity to avoid losses. Low demand due to limited construction projects has kept the market slow.

Domestic ferrous scrap prices fall marginally - Domestic scrap prices equivalent to Shredded was being reported at PKR 60,000-60,500/MT (USD 424-427) ex-works inclusive of taxes, falling slightly by 1000 PKR/MT against last week due to the continuation of limited demand.

SteelMint’s assessment of local billet stands at PKR 78,000-78,500/MT (USD 551-554) ex-works. Rebar prices in Northern region prices stable at PKR 97,000-98,000/MT, ex-works (USD 685-692) however few mills eye for higher prices in the near terms. Meanwhile, Southern region prices reported at PKR 98,000-99,000/MT, ex-works, as asking rate of leading mills in Southern region continues around 100,000 PKR/MT, ex-works inclusive of local taxes.

IMF finalizes USD 6 Billion bailout package - As per reports, The International Monetary Fund (IMF) and Pakistan have finally agreed on terms for a USD 6 bn bailout package, to be disbursed over a span of more than three years to face challenging economic environment, with lacklustre growth, elevated inflation, high indebtedness, and a weak external position. Participants are in wait and watch mode to see its impact on the local steel market. Pakistani Rupee remained almost stable at around 141.6 levels against US Dollar.

News No: 4545
Date: 2019/05/16 - 14:08
News Source: SteelMint

Pakistan  Scrap  SteelMint  industry  Pakistan 


Leave a Comment:


Japan: Tokyo Steel Cuts Scrap Purchase Price Further by USD 5

As per new price circular released, Japan’s leading EAF mini-mill - Tokyo Steel has lowered the domestic H2 scrap purchase price by JPY 500/MT (USD 5) at all five works in Japan. New prices for all grades shall be effective from tomorrow (15th June'19)

Indian Sponge Iron Export Prices Fall in Recent Deals

Amid falling Indian domestic sponge prices & decline in Bangladesh imported scrap prices, Indian sponge iron export offers have come down by USD 10-15/MT in recent deals reported, as per assessment made by SteelMint.

India: Imported Scrap Prices Inch Down in Recent Deals

SteelMint learned from industry participants that Indian imported scrap prices inch down on a weekly basis in limited deals reported. Following continued global price fall, Indian scrap importers remain majorly cautious before buying actively amid weakening local semi-finish prices and still subdued finish steel demand.

Imported HRC Offers to Bangladesh Decline Sharply Following Global Downtrend

In the latest conversation with market sources based in Bangladesh, SteelMint analyzed that imported HRC offers to Bangladesh from China witnessed significant decline by USD 20-25/MT in last couple of weeks. Bangladesh market has opened this week after Eid holidays.

Turkey: Imported Scrap Prices Drop to 1-Month Low in Recent Deals

SteelMint learned from industry participants that Turkish steel mills have continued fresh deep sea cargo bookings to take advantage of low global offers. Prices have moved down further by USD 5-6/MT against that of reported in the beginning of this week.

Iranian Mills Cut Billet Export Offers

Iranian billet export market sentiments softened this week after the market resumed from Eid holidays. As expected, this week market sentiments were reported barely weak, the recent billet export offers says all
Upcoming Events
 Mines & Metals

Mine & Business Today

 Scrap & Recycling


Our partners