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01 Sep

Pakistan boosts import scrap bookings amid feedstock depletion

Pakistani steel mills are scaling up import scrap bookings, despite the devaluation of the Pakistani rupee against the US dollar, sources tell Kallanish. There is a reported scrap shortage, and domestic scrap has been relatively expensive. Furthermore, recent hikes in finished steel prices and better offtake gave confidence to the buyers. As a result, the shredded scrap offers have picked up by $5–7/tonne on-week to $437–440/t cfr Port Qasim. Acc…
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