Despite monsoon-related disruptions and cash flow constraints, import scrap offer prices in Pakistan have risen this week, with strong buyer acceptance driven by optimism over the mobilization of infrastructure projects.
Shredded scrap prices have hovered around $380–390/mt CFR compared to $377-380/mt CFR two weeks ago. According to sources, a deal for around 1,000 mt of ex-UK shredded scrap was signed at $381/mt CFR at the beginning of this week. Besides, offers for ex-EU/UK HMS I/II 80:20 scrap have settled at $375–377/mt CFR.
Furthermore, offers for ex-UAE shredded scrap have been voiced at $395-400/mt CFR, against $388-395/mt CFR two weeks ago.
Meanwhile, local prices of scrap equivalent to shredded in Pakistan have settled at around PKR 140,000-143,000/mt ($493-504/mt) ex-warehouse, up by PRK 3,000/mt ($10.5/mt) over the past two weeks. Besides, the tradable level for local 10-12 mm rebar of grade 60 has been heard at PKR 235,000-240,000/mt ($828-845/mt) ex-works, moving sideways over the past two weeks.
All prices on Pakistani rupee basis include 18 percent VAT.
$1 = PKR 283.96