Foreign scrap suppliers have continued to decrease their prices to Pakistan, while most Pakistani buyers have continued to maintain a wait-and-see stance. Most regional customers are delaying new bookings as the business environment in the finished steel segment has remained unfavourable during the monsoon season.
Specifically, offers for shredded 211 scrap of UK and European origin in containers to Pakistan have been heard at $410-420/mt CFR, down by $10-15/mt week on week. According to sources, in the past seven days, around 3,000-4,000 mt in total of ex-UK shredded scrap have been booked at $410-415/t CFR Qasim, down by $5-10/mt over the past week.
Meanwhile, offers for ex-UAE HMS grade scrap have been voiced at $385/mt CFR level, versus $393-395/mt CFR last week, while offers for shredded scrap have been estimated at $425/mt CFR.
At the same time, domestic rebar prices have remained under pressure due to limited sales, with prices for 10-12 mm of grade 60 rebar decreasing to PKR 252,0000-255,000/mt ($910-921/mt) ex-works, down by PKR 3,000/mt ($11/mt) on the lower end of the range week on week. Besides, offers for local scrap equivalent to shredded have settled at PKR 147,000-150,000/mt ($531-542/mt) ex-warehouse, down by PKR 5,000/mt ($18/mt) over the past week.
All prices on Pakistani rupee basis include 18 percent VAT.
$1 = PKR 276.95