During the current week import scrap offers to Pakistan have rapidly risen. In particular, while at the beginning of week offers for shredded 211 scrap of European origin have been voiced mainly at $520-525/mt CFR, up by $10/mt week on week, by the end of the period suppliers have been seeking to get $530-535/mt CRR. "The market is tightening once again. Despite a significant rise in prices, it is quite hard to get any firm offer in general," the main rebar producer in Pakistan stated. SteelOrbis has learned of a 5,000 mt booking for ex-Europe 211 shredded scrap at $535/mt CRR, though most deals have been fixed in Pakistan at lower levels this week.
Meanwhile, ex-UAE HMS scrap prices have shown an even larger rise over the past week. On balance, offers have increased to $520/mt CFR, from $485/mt CFR voiced a week ago.
Local traders, in their turn, have also increased their prices for the domestic scrap equivalent to shredded, aiming to take advantage of the uptrend in the import segment. Specifically, by the end of the current week, it has been possible to purchase scrap domestically at PKR 112,500/mt ($657/mt) ex-warehouse Lahore, up PKR 5,500/mt ($28/mt) over the past week.