The import scrap market in Pakistan has been mostly silent this week with buyers reluctant to conclude deals while preferring to watch developments in the Turkish scrap market. Furthermore, the weaker demand for import scrap has been caused by a slowdown in construction activities in Pakistan due to adverse weather conditions. Meanwhile, taxation issues have continued to exert negative pressure on the positions of rebar producers in Punjab. “The market in Lahore has lately collapsed, with rebar prices coming down by around PKR 6,000/mt . Hopefully in 2022 the market will recover swiftly from the fall,” a Pakistan-based trader stated.
Currently, local prices for 10-12 mm rebar of grade 60 in Pakistan are at PKR 189,000-190,000/mt ex-works ($1,058-1,064/mt), with deals signed below the lower end of the abovementioned range.
Meanwhile, the latest import offers for shredded scrap to Pakistan have been heard at $535-540/mt CFR Qasim, with rare bookings done at $530-535/mt CFR. “Buying activity will resume in the first week of January because most mills have consumed their available inventories,” another Pakistan-based source commented.
All prices on Pakistani rupee basis include 17 percent VAT.
$1 = PKR 178.581