Still rising input costs have forced Pakistani rebar producers to raise their prices again this week. However, the demand from end-users still is far from desired levels.
Accordingly, the new prices of rebar in Pakistan have been settled at $798-804/mt (PKR 128,000-129,000/mt), up $31/mt (PKR 5,000/mt) compared to valid offers earlier. The prices are on ex-works basis and include 17 percent VAT. “It is expected that rebar prices should be around PKR140,000/mt very soon to pass on the effect of shredded price increase internationally,” a representative of the major Pakistani mill stated. “Steel prices in Pakistan are increasing on a weekly basis, following a stir in the global market. However, the pace is still very low compared to scrap prices,” a representative of another mill commented. As SteelOrbis reported earlier, this week most offers for shredded 211 scrap of European origin in containers to Pakistan have been voiced at lowest $450-455/mt CFR Qasim (up $25/mt over the past week), with a few offers having reached already $480/mt CFR.