Aiming to stir up some buying interest among end-users, by the end of the current week Pakistani producers have decided to decrease their rebar prices. Specifically, offer prices have declined by PKR 5,000/mt ($28/mt) compared to the previous levels. “The local market is still struggling from foggy and snowy weather. Moreover, a certain rise in Covid cases has had a knock-on effect on demand. Hopefully, that [a price decline] will stimulate some demand,” an official at a Pakistan-based rebar mill commented.
Meanwhile, import offers for shredded scrap in containers to Pakistan have remained firm at levels of the previous week, at $550-555/mt CFR, with the lower end of range valid mostly for ex-UK/Europe material, while the high end is valid for ex-US material. Ex-UAE HMS scrap offers have widened to $520-525/mt CFR Qasim, up $5/m on the high end of the range within the past week.
The local sellers of domestic high grade scrap equivalent to shredded have been forced to lower their offers to obtain orders. According to sources, prices have declined to PKR 119,200-120,000/mt ($676-681/mt) ex-warehouse, down PKR 7,250-8,050/mt ($41-46/mt) over the past week.
All prices on Pakistani rupee basis include 17 percent VAT.
$1 = PKR 176.304