Import scrap activity in Pakistan has remained muted due to the prevailing mixed sentiments as regards the future price trend. While some Pakistani buyers are holding back in anticipation of lower prices, other customers continue to book material cautiously, fearing a rebound in prices due to the approaching winter season. “The uncertainty in the market has exerted pressure, forcing steelmakers to enter the market chiefly to meet only their urgent needs,” an official at a major rebar mill in Pakistan commented with regard to the current situation.
Nevertheless, import offers of shredded 211 scrap of European origin in containers to Pakistanhave fallen to $550-555/mt CFR, down $10/mt over the past week. Ex-US shredded scrap is said to be available at $555/mt CFR Pakistan.
Meanwhile, local traders are reported to have increased their prices for local scrap equivalent to shredded by PKR 2,000/mt compared to the beginning of the current week to an average PKR 128,000/mt ($729/mt) ex-warehouse, aiming to offset the devaluation of the national currency.
All prices on Pakistani rupee basis include 17 percent VAT.
$1 = PKR 175.64