Fastmarkets calculated its weekly steel scrap, shredded, index, import, cfr Port Qasim, Pakistan at $546.46 per tonne on Friday, down by $1.34 from $547.80 per tonne one week prior.
Many market participants were off work due to the week-long Eid al-Adha public holiday in the country, but some trading still took place, sources said, adding that prices were broadly stable compared with the previous week’s trading.
Deals were reported at $546, $547, $548 and $550 per tonne this week, compared with $545-550 per tonne, last week.
Rebar mills in the country closed for bookings on Thursday July 15, ahead of the holidays and business is expected to recommence on Monday July 26.
Fastmarkets’ calculation of the steel scrap shredded, index, import, cfr Nhava Sheva, India was $530.91 per tonne on Friday, up slightly from $530.33 per tonne on Tuesday and $530.88 per tonne one week ago.
Deals were reported at $525 and $530 per tonne cfr this week, up from a deal heard at $520-525 per tonne last week.
Market participants reported improved demand for billet in the export market towards the end of the week, supporting sentiment.
“Next week when the market reopens for Turkey and Pakistan, we will see further impact on prices. Currently, finished steel prices are rising and billet demand is coming up. The month of August should be good for domestic demand of finished steel products as there are projects meant to get started by September and they are planning for raw materials now,” a buyer said.
Fastmarkets’ weekly price assessment for steel scrap, HMS 1&2 (80:20 mix), import, cfr Nhava Sheva, India was $440-480 per tonne on Friday, unchanged week on week.
Due to the Eid public holidays in various parts of the world that usually supply material into India, there were very few offers in the market this week and no concluded deals heard.
“Buyers are waiting and watching. Indian prices will have to come up. Buyers might start buying. There are no offers for the HMS market with the Middle East market closed,” a seller said.
Prices for shredded steel scrap imports into Pakistan and India were stable on Friday July 23 due to slow trading and public holidays, sources told Fastmarkets.