This week, import scrap prices have been showing an upward bias, with new deals heard at $405/mt CFR for shredded scrap, though in general the market has remained under pressure from minimal finished sales due to the unfavorable situation and bad economic conditions, coupled with strike action and protests in the country. There have been rumors heard about Pakistani mills trying to push their rebar prices up soon but no official confirmation has been provided by the time of publication.
More specifically, European and UK origin shredded scrap offers in containers to Pakistani customers have increased by around $5/mt over the past week, with the material available at $405-410/t CFR, and some offers for ex-UK shredded scrap at even $415/mt CFR. Meanwhile, according to sources, during the past week deals have been concluded at $400-405/mt CFR for around 5,000 mt in total, versus deal prices at $398-400/mt CFR last week, while new restocking by customers continues mostly at $405/mt.
Besides, offers for ex-UAE HMS grade scrap have been voiced at $385-390/mt CFR, mainly the same as last week.
“We heard about meetings conducted by the re-rollers’ association to set a minimum price limit for rebar sales, as well as controlled production schedules and shutdowns. But no official information has been announced so far,” a market insider said.
Local tradable prices for rebar of grade 60 10-12 mm have been voiced at PKR 245,000-250,000/mt ($882-900/mt) ex-works, mainly the same as last week, while offers for local scrap equivalent to shredded have been voiced at PKR 145,000 ($522/mt) ex-warehouse.
All prices on Pakistani rupee basis include 18 percent VAT.
$1 = PKR 277.77