This week, import offers of shredded scrap in containers to Pakistan have continued to rise, with most of them having reached $450/mt CFR Qasim, up $40/mt compared to prices voiced a week ago. Although recent volatility has caused significant confusion among Pakistani buyers, SteelOrbis has learned of a few bookings done this week at $440/mt CFR Qasim. “Once international prices start to increase, local buyers rush out for purchases. That is logical. Meanwhile, local traders are not in a hurry to sell, citing the shortage of material and potential further increases,” one major producer of longs in Pakistan commented.
Meanwhile, local rebar prices have remained unchanged week on week at PKR126,000/mt ($787/mt) ex-works, including 17 percent VAT. However, the prices are expected to rise by PKR 4,000-5,000/mt in the coming days, with mills aiming to offset their higher input costs.
$1 = PKR 159.065