Trade activity in the import scrap market in Pakistan has remained moderate this week, with several mills preferring to purchases mainly for prompt shipment, with more inquiries expected to be heard in the short run. At the same time, prices have remained mostly stable over the past week, but with a slight downward bias in some deals.
Specifically, according to sources, at least 5,000-6,000 mt of ex-UK/EU shredded scrap are reported to have been booked at $420-425/mt CFR during the past week, down by $2-5/mt week on week. At the same time, most offers have been heard at $420-430/mt CFR, against $425-430/mt CFR last week. “The monsoon season might slow business with most sellers having no other choice but to provide more discounts,” a Pakistani-based trader told SteelOrbis.
In the domestic market, while demand for finished products remains slow, tradable prices for local 10-12 mm rebar of grade 60 have decreased slightly by PKR 2,000-4,000/mt ($7-14/mt) week on week to PKR 258,000-260,000/mt ($927-934/mt) ex-works.
Furthermore, offers for local scrap equivalent to shredded have rolled back to PRK 158,000/mt ($657/mt) ex-warehouse, down by PKR 2,000/mt ($7/mt) over the past week.
All prices on Pakistani rupee basis include 18 percent VAT.
$1 = PKR 278.45
