Shredded scrap import offers in Pakistan have seen a modest uptick of at least $5/mt week on week, largely influenced by heightened geopolitical tensions in the Middle East and mounting concerns over rising oil prices. Amid this uncertainty, Pakistani buyers are expected to remain on the sidelines, carefully tracking freight rate movements and awaiting greater policy clarity before proceeding with new bookings.
More specifically, this week, offers for ex-Europe/UK shredded scrap in containers have been voiced mainly at $375/mt CFR, against $370/mt CFR last week. According to sources, several deals for at least 3,500 mt in total of shredded scrap from the UK have been signed at $372-375/mt CFR during recent days.
Meanwhile, ex-UAE shredded scrap offers have been voiced at around $385-388mt CFR, up by $3-5/mt week on week, while offers for HMS grade scrap have been reported at $357/mt CFR, up by $2/mt week on week.
In the meantime, local prices of scrap equivalent to shredded in Pakistan have settled at around PKR 140,000/mt ($493/mt) ex-warehouse, mainly the same as last week. Besides, the tradable level for local 10-12 mm rebar of grade 60 has been heard at PKR 235,000-240,000/mt ($828-846/mt) ex-works, compared to PKR 235,000/mt ($828/mt) ex-works last week.
All prices on Pakistani rupee basis include 18 percent VAT.
$1 = PKR 283.70