Scrap exporters have started to voice higher prices to Pakistan this week, following a trend reversal confirmed by deals to Turkey. However, trade activity in the country has remained limited as Pakistani customers’ interest in new purchases is still low due to Ramadan, while liquidity issues have remained an issue.
More specifically, offers for ex-EU/UK shredded scrap in containers have settled at $420/mt CFR level, against $410-415/mt CFR at the beginning of last week. At the same time, according to sources, the tradable level has been estimated at around $418-420/mt CFR. “Most offers have been at $420/mt CFR, but we have started to hear new offers at $422-425/mt CFR, given the bullishness mounting in Turkey,” a Pakistani trader told SteelOrbis.
Meanwhile, no fresh offers have been voiced for ex-US shredded scrap so far, while the latest deal has been reported at $412/mt CFR for ex-Canada shredded scrap, according to sources.
In the meantime, offers for local scrap equivalent to shredded have been voiced at PKR 160,000/mt ($575/mt) ex-warehouse, the same as last week, while the tradable prices for local 10-12 mm rebar of grade 60 have been reported at PKR 255,000-260,000/mt ($917-935/mt) ex-works, the same as last week.
All prices on Pakistani based rupee include 18 percent VAT.
$1 = PKR 278.13
