An uptick in Chinese steel prices has turned Pakistani ferrous scrap importers optimistic. But many believe the market direction remains uncertain and trades would continue at a slow pace. 


In Turkey, the index for US-origin HMS 1&2 (80:20) declined after deals were reported at lower prices. Sluggish demand for scrap in the country has dragged prices down. 


The Davis Index for containerized shredded, Monday, fell $1.25/mt to 507.50/mt cfr Port Qasim from Friday. Suppliers were largely silent and few bids were active in the market. A few deals heard at $510-512/mt cfr Qasim early last week.


The Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) decreased by $4.36/mt to $502.31/mt cfr on Friday. Turkish buyer continued to target purchases at prices below $500/mt cfr for HMS 1&2 (80:20) on lower domestic steel prices. 


A recovery in domestic steel prices in China after successive fall in the past two weeks gave market participants reason to expect a rebound. Domestic demand failed to encourage more restocking and mills are still limiting their purchases to immediate melt requirements.  


The Davis Index for UAE-origin HMS 1&2 (80:20) fell to $475/mt cfr Port Qasim, down $5/mt from Friday. Offers for UAE-origin mixed #1 HMS and P&S dropped driven by lower bids by Indian buyers.


The index for US-origin HMS 1&2 (80:20) settled at $485/mt cfr Port Qasim, down $1.25/mt. Offers for high-grade scrap like busheling were firm amid tight supply. 

Leave a Reply

Your email address will not be published.