This week, both offers and deal prices for imported scrap in Pakistan have remained mainly at the same levels as last week, while trade activity has remined sluggish due to slow finished steel demand given the severe rainfall the country has faced.
Specifically, offers for ex-Europe shredded scrap in containers have remained at $400/mt CFR, mainly the same as last week, while offers for ex-UAE shredded scrap have been voiced at $405/mt CFR, the same as last week. Meanwhile, according to sources, several deals for around 3,000 mt in total for both EU and UAE origins are reported to have been signed at $398-400/mt CFR during the past week.
Besides, offers for ex-UAE HMS grade scrap have been voiced at $380/mt CFR, while a few deals have been signed at $375mt CFR, according to sources.
“This week brings new hopes for the industry since rainfalls are expected to stop now and next week could turn things around,” a market insider said.
In the meantime, offers for local scrap equivalent to shredded have been estimated at PKR 146,000-150,000/mt ($524-539/mt) ex-warehouse, against PKR 145,000/mt ($521/mt) last week. Besides, offers for local rebar 10-12 mm of grade 60 have been heard at PKR 245,000-250,000/mt ($880-898/mt) ex-works, versus PKR 245,000/mt ($880/mt) last week.
All prices on Pakistani rupee basis include 18 percent VAT.
$1 = PKR 278.42