Trade activity in the import scrap market in Pakistan has continued to lack strength amid continuing issues with opening letters of credit (LCs) and, although some increases have been reported in new offers for shredded scrap, the tradable price level has remained unchanged over the past week.
More specifically, new offers for ex-EU/UK shredded scrap in containers have been voiced at $400-405/mt CFR, up by $5/mt over the past week. However, following several deals for around 3,500 mt of shredded scrap in total at $395-400/mt CFR at the end of last week, most customers’ bids have remained at the abovementioned levels this week.
At the same time, local prices for scrap equivalent to shredded have settled at PKR 150,000-156,000/mt ($534-551/mt) ex-warehouse, up by PKR 10,000-15,000/mt ($36-53/mt) week on week.
Furthermore, local rebar producers have increased their offers to PKR 250,000-255,000/mt ($889-907/mt) ex-works, up by at least PKR 5,000/mt ($18/mt) week on week, due to the shortage of raw materials and worsening economic conditions in Pakistan.
All prices on Pakistani rupee basis include 18 percent VAT.
$1 = PKR 281.10
