On the heels of the ongoing rise in feedstock offers, Pakistani producers of rebar have as expected adjusted their prices upwards.
Accordingly, following the increase by PKR 5,000/mt ($31/mt) declared by Pakistani mills on July 7, 12-32 mm rebar of grade 60 in Pakistan is now available at PKR 154,000-155,500/mt ($969-978/mt) ex-works. “The continued surge in international scrap prices has significantly affected our costs of production. We had no other option but to increase prices,” an official at a Karachi-based rebar mill stated.
Meanwhile, this week offers of shredded 211 scrap of European origin in containers to Pakistan have been voiced chiefly at $545/mt CFR Qasim, having risen by $5-10/mt compared to the levels a week ago. SteelOrbis has learned of a few deals for lots of 1,000-1,500 mt each at $540/mt CFR Qasim this week.
Local traders, in their turn, have also increased their offers for domestic scrap equivalent to shredded, seeking support from the increase in import scrap prices. Accordingly, by Tuesday this week scrap domestically has been available at PKR 100,500/mt ($632/mt) ex-warehouse, up PKR2,500/mt ($15/mt) compared to the levels valid on Friday last week. All prices on Pakistani rupee basis include 17 percent VAT.
$1 = PKR 157.9