Pakistan’s scrap importers have noticeably slowed down their activity this week, preferring to closely watch developments in the Turkish market and, simultaneously, believing that prices may go down further.
Meanwhile, offers for shredded 211 scrap of European origin in containers to Pakistan have hovered largely at $310-312/mt CFR Qasim. Random deals for small tonnages have been concluded at the lower end of the range, according to sources. “I believe we get around $300/mt CFR soon,” one Pakistani source stated
Offers for LMS bundles from Europe have been reported at around $311/mt CFR Karachi, while LMS bundles from Brazil are available at $280/mt CFR.
Despite the recent decline in scrap prices last week and ongoing bearish sentiments, local steel producers have succeeded in maintaining prices for finished steel largely unchanged. Accordingly, local rebar is available at PKR 110,000-111,000/mt ex-works, including 17 percent VAT.
$1 = PKR 165.345