Prices in Pakistan’s import scrap market have remained largely stable, with a slight upward bias observed in recent offers. However, despite firmer offers from exporters, buying interest has stayed subdued, as weak finished steel demand and wider economic pressures have continued to weigh on sentiments. Market participants expect restocking to proceed, but only at a cautious and measured pace.
More specifically, this week most offers for ex-EU/UK shredded scrap in containers have moved to $370/mt CFR, compared to $365/mt CFR last week, while some market insiders expect sellers to test the market with even higher offers at $375/mt CFR. According to sources, several deals of ex-EU/UK shredded scrap are reported to have been signed at $365/mt CFR Qasim over the past week, compared to $362/mt CFR reported last week.
In the meantime, offers for ex-UAE HMS I/II 80:20 scrap have remained at around $360/mt CFR, the same as last week. Besides, offers for ex-UAE shredded scrap have been voiced at $375/mt CFR.
At the same time, local prices of scrap equivalent to shredded in Pakistan have settled at around PKR 130,000/mt ($465/mt) ex-warehouse, mainly the same as last week. The tradable level for local 10-12 mm grade 60 rebar has remained at PKR 220,000/mt ($787/mt) ex-works.
“There’s a bullish undertone for now, largely driven by limited availability, though sluggish demand and liquidity stress should keep prices from moving much higher,” a Pakistani trader told SteelOrbis.
All prices on Pakistani rupee basis include 18 percent VAT.
$1 = PKR 279.84