Prices for shredded steel scrap imported into India and Pakistan rose in the week to Friday July 2, with trading activity focusing on the Pakistan market over India.
In the Pakistan imported scrap market, sellers achieved higher shredded prices this week following solid rebar sales.
Fastmarkets calculated its weekly
steel scrap, shredded, index, import, cfr Port Qasim, Pakistan at $539.51 per tonne on July 2, up from $535.54 per tonne on June 25.
This week, deals were heard at $537-540 per tonne cfr, up from $535-536 per tonne the previous week.
One mill source said there were reported offers as high as $550 per tonne cfr but rejected these for being too high.
Demand for scrap was being driven by mills needed to restock, according to one trader.
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