Import offers of shredded scrap in containers to Pakistan have continued to move up unabated, outracing the levels in the global market. Such an aggressive stance from scrap suppliers has caused Pakistani buyers to abstain from stocking up and they are purchasing only in line with their needs.
Accordingly, this week import prices of shredded scrap in containers to Pakistan have been voiced largely at $460-465/mt CFR Qasim, up by $10-15/mt from last week, with only small tonnages from traders’ positions still being possible to purchase at $450-455/mt CFR Qasim. “I have been confused lately. While Pakistan and India remain suppressed, scrap offers continue to rise, mainly because of Turkey going crazy and accepting this kind of situation,” a representative of one major longs producer in Pakistan commented.
Meanwhile, local prices of scrap equivalent to shredded have risen by $6/mt (PKR 1,000/mt) week on week to $514/mt (PKR 82,000/mt) ex-warehouse. Domestic grade 60 rebar is offered at $784/mt (PKR 125,000/mt) ex-works in the north and at $847/mt (PKR 135,000/mt) ex-works in the south. All prices on Pakistani rupee basis include 17 percent VAT.
$1 = PKR 158.29