This week both offers and deal prices for imported scrap in Pakistan have remained at mainly the same levels as last week, while trade activity has remained limited due to slow finished steel demand in the country. Besides, according to sources, more interested has been seen in local scrap purchases as although availability of local scrap was scarce, prices were lower as compared to imports in the local market.
Accordingly, offers for ex-UK/EU shredded scrap in containers have been voiced at $397-405/mt CFR, mainly the same as last week. Meanwhile, according to sources, following a deal for around 2,000 mt of ex-UK shredded scrap at $400/mt CFR at the beginning of this week, a few more deal for around 6,000 mt in total have been reportedly signed at $395-402/mt CFR this week.
Meanwhile, offers for ex-UAE shredded scrap have been reported at $410/mt CFR, while offers for HMS grade scrap have settled at $380/mt CFR, down by $5/mt week on week.
In the meantime, prices for local scrap equivalent to shredded have decreased by PKR 2,000/mt ($7/mt) over the past two weeks to PKR 145,000-148,000/mt ($521-532/mt) ex-warehouse. Besides, offers for local 10-12 mm rebar of grade 60 have been voiced at PKR 245,000-250,000/mt ($880-898/mt) ex-works, down by PKR 5,000-7,000/mt ($18-25/mt) over the past two weeks. “Due to the slow movement of stocks, there may be another price cut in local rebar prices this week between PKR 5,000-7,000/mt,” a market insider told SteelOrbis, adding that “Rebar prices have been under pressure for a while now which triggered underprice selling.”
All prices on Pakistani rupee basis include 18 percent VAT.
$1 = PKR 278.37