The uptrend in the import scrap segment has continued in Pakistan in line with developments in the global market. Pakistani buyers, in their turn, are forced to accept volatile import offers, amid some shortage of material in the domestic market. Accordingly, current offers for shredded 211 scrap of European origin in containers to Pakistan are mostly voiced at $325/mt Qasm, rising by $5-10/mt compared to the beginning of the previous week. A few bookings (up to 2,000 mt) were fixed at $321-323/mt CFR Qasim within the week in question, according to market insiders. Meanwhile, a week ago, one Pakistani steel mill booked 2,000 mt of ex-UAE shredded scrap and 5,000 mt of ex-Kuwait shredded scrap at $314/mt CFR and at $317/mt CFR, respectively, SteelOrbis has learned.
“The demand for longs in Pakistan is increasing. That is making Pakistan’s steel producers buy raw materials nonstop, accepting global prices,” a representative of a Punjab-based steel mill commented. Local rebar is available at PKR 110,000 /mt ex-works, including 17 percent VAT.
$1 = PKR 160.096