Pakistan likely to continue bulk scrap imports after rare US cargo booking
A Pakistani mill that recently made a rare purchase of a bulk cargo of ferrous scrap from the United States West Coast will now likely buy such shipments with greater frequency, according to sources Fastmarkets spoke to.
The trade - involving 30,000 tonnes of shredded scrap priced at $306 per tonne cfr Port Qasim - only came to light on Monday February 24, against the background of global economic uncertainties attributed to the outbreak of the novel coronavirus (2019-nCoV) in China and beyond.
Pakistan is normally an importer of containerized scrap. This transaction involving a bulk cargo of the steelmaking raw material is the first of its kind since 2017, according to one Asian scrap trader.