Although both offer and deal prices for import scrap in Pakistan have increased slightly over the past two weeks, this week most customers have started to refrain from purchases at higher levels, seeking discounts amid slow end-user demand.
More specifically, according to sources, following several deals for ex-EU/UK shredded scrap in containers signed at $385/mt CFR two weeks ago, this week at least 2,000-3,000 mt are reported to have been booked at $385/mt CFR, while some sales have even reached $390/mt CFR. Meanwhile, most offers for ex-EU/UK shredded scrap have increased by $5/mt over the past two weeks to $385-390/mt CFR.
Furthermore, according to sources, a deal for HMS grade scrap from Europe has been signed at $370/mt CFR. Besides, offers for ex-UAE HMS grade and shredded scrap have been voiced at $365/mt CFR and $400/mt CFR, respectively.
In the meantime, the local market has remained relatively stable with moderate rebar demand, with local offer prices for 10-12 mm rebar of grade 60 standing at PKR 242,000-245,000/mt ($865-876/mt) ex-works, down by PKR 3,000/mt ($11/mt) on the higher end of the range over the past two weeks. Besides, offers for local scrap equivalent to shredded have remained relatively unchanged at PKR 148,000/mt ($529/mt) ex-warehouse, up by PKR 2,000/mt ($7/mt) over the same period.
All prices on Pakistani rupee basis include 18 percent VAT.
$1 = PKR 279.80