Fastmarkets proposes to launch a new weekly price assessment for the Pakistan HMS steel scrap import market following feedback that such a price would be of value to market participants, both by itself and in conjunction with Fastmarkets' existing Pakistan steel scrap prices, which includes the imported shredded steel scrap price launched in 2020.

This would also complement Fastmarkets' other regional scrap prices, which includes coverage of import scrap prices for India as well as Bangladesh.

Pakistan is one of the world's largest importers of steel scrap, with the country importing 4.3 million tonnes of ferrous scrap in 2019, according to the most up-to-date figures available from BIR, making it the fourth largest importer.

The proposed specifications are as follows:
Name: Steel scrap HMS, import, cfr Port Qasim, Pakistan, $/tonne
Quality: Unprocessed HMS 1&2 (90:10 mix)- HMS 1, no GI, no CI, no autoparts
Quantity: Minimum 100 tonnes (containerized)
Origin: Middle East only
Location: cfr Port Qasim
Timing: 4-6 weeks
Unit: USD/tonne
Payment terms: Letter of credit
Publication: Weekly; Friday, 4:00 pm London time
Notes: Exclusive of import tax

The consultation period for this proposed launch starts from November 17 and will end on December 17. The launch will take place, subject to market feedback, on December 24.

To provide feedback on this price or if you would like to provide price information by becoming a data submitter to this price, please contact Carrie Bone by email at pricing@fastmarkets.com. Please add the subject heading ‘FAO: Carrie Bone re: Pakistan HMS.

To see all Fastmarkets’ pricing methodology and specification documents go to https://www.fastmarkets.com/about-us/methodology