Import scrap offers in Pakistan have moved up this week due to the continued bullishness of global scrap suppliers. Besides, despite still slow local finished steel sales and delays in opening letters of credit (LCs), more import scrap restocking has been reported in Pakistan this week as most customers are afraid of further price hikes.
Specifically, several deal for ex-Europe shredded scrap in containers have been reported at $433-435/mt CFR, versus deal prices at $415-418/mt CFR last week. Meanwhile, new offers for ex-EU/UK shredded scrap have been voiced at $435-438/mt CFR, up by around $15/mt week on week. Besides, offers for ex-Dubai HMS grade scrap have been heard at $385/mt CFR.
Local scrap prices equivalent to shredded have remained relatively unchanged at PKR 168,000/mt ($592/mt) ex-warehouse. Meanwhile, the tradable price for 10-12 mm rebar of grade 60 in Pakistan have been estimated at PKR 265,000/mt ($934/mt), the same as last week, while trade activity has been steel very slow amid weak finished steel demand.
All prices on Pakistani rupee basis include 18 percent VAT.
$1 = PKR 283.61