Trade activity in Pakistan’s import scrap market has remained limited this week due to continuing political instability in the country and weak finished steel sales during Ramadan.
Only a few deals have been reported at lower prices this week.
Accordingly, after shredded 211 scrap of UK origin in containers was sold last week at $655-660/mt CFR, while a new deal for around 3,000 mt of ex-UK scrap has been reported at $648/mt CFR this week. Meanwhile, most offers are standing at $650-655/mt CFR, down by $10/mt week on week, and some offers have already been voiced at $645/mt CFR. At the same time, ex-US shredded scrap is said to be available at $642/mt CFR, while offers for ex-UAE HMS I scrap have been voiced at $600/mt CFR, down by $5-10/mt over the past week.
“Most Pakistani customers are hesitant. They would like to wait for the next round of bookings in Turkey for a clear price direction. Buyers are only looking for tempting lower-priced offers,” a Pakistan-based trader told SteelOrbis.
Meanwhile, 10-12 mm rebar of grade 60 in Pakistan is available at PKR 210,000/mt ($1,130/t) ex-works on average, the same as last week.