Import scrap price increases gain momentum in Pakistan

Thursday, 01 April 2021 17:46:10 (GMT+3)   |   Istanbul
       

Import offers of shredded scrap in containers to Pakistan have continued to move up at a rapid pace, outracing the levels in the global market. Meanwhile, being limited in supply domestically, Pakistani buyers have continued their procurement of import material.

Accordingly, by the end of the current week, import prices of shredded 211 scrap of European origin in containers to Pakistan have reached $445-450/mt CFR Qasim, with abundant volumes already booked at this level. “I have sold several cargoes of a total of 5,000 mt at $450/mt CFR Qasim,” a Pakistan-based trader stated. “There is an acute shortage of material in Pakistan at the moment,” he added. “While the suppliers are mostly targeting $450/mt CFR Qasim, “good work” has been done at $445/mt CFR Qasim so far,” a representative of a key rebar mill in Pakistan commented. At the beginning of the current week, a few bookings of 3,500 mt in total were done at $440/mt CFR, as SteelOrbis reported earlier. Meanwhile, current shredded 211 scrap offers from the US have been voiced at $445/mt CFR Qasim, for April shipment.

According to market insiders, local rebar producers have started to increase their prices aiming to offset higher input costs. “Today, one of leading mills raised its offers for grade 60 rebar by PKR 2,000/mt, citing current market developments,” a Pakistan-based source said. Prior to that, domestic grade 60 rebar in the northern provinces was available at PKR 131,000/mt ($851/mt), ex-works. Offers of rebar of the same grade in the south have been voiced at PKR 133,000 ($864/mt), ex-works. All prices on Pakistani rupee basis include 17 percent VAT.


Similar articles

Downtrend reverses in Pakistan’s import scrap segment

27 Mar | Scrap & Raw Materials

Pakistani buyers delay new scrap bookings as mood in finished steel segment falters

06 Mar | Scrap & Raw Materials

Turkey’s deep sea scrap market set to show clearer trend next week

01 Feb | Scrap & Raw Materials

Import scrap prices in Pakistan expected to rise further, demand not supportive

10 Jan | Scrap & Raw Materials

Taiwan’s import scrap market softens further despite positive rebar sales situation

05 Jan | Scrap & Raw Materials

Import scrap trade remains muted in Pakistan, prices mainly unchanged

03 Jan | Scrap & Raw Materials

Taiwan’s import scrap market softens as rebar trading slows down

29 Dec | Scrap & Raw Materials

Australia’s Green Steel of WA to build green steel recycling mill

28 Dec | Steel News

Import scrap activity in Pakistan muted due to European sellers’ absence, Red Sea crisis

27 Dec | Scrap & Raw Materials

SteelOrbis year-end review: Turkish steel industry experiences an even more difficult year in 2023

25 Dec | Steel News