Although foreign suppliers of shredded scrap have stopped to increase prices to Pakistan, most Pakistani buyers have continued to follow a wait-and-see stance. Most regional customers are delaying new scrap bookings as the business environment in the finished steel segment has remained unfavourable. Thus, scrap trading in Pakistan has remained muted, with only some occasional bookings reported this week.
Specifically, offers for shredded 211 scrap of UK and European origin in containers to Pakistan have been heard at $440-445/mt CFR, same as last week. “We heard only a few bookings done at $442/mt CFR recently, but in general the market remains quiet,” a local trader told SteelOrbis.
Meanwhile, the prices for local scrap equivalent to shredded in Pakistan have decreased slightly to PKR 185,000-190,000/mt ($644-661/mt) ex-warehouse, down by PKR 2,000/mt ($7/mt) from the lower end of range, week on week.
Prices for 10-12 mm rebar of grade 60 from mills in Pakistan have moved sideways compared to the previous week at PKR 265,000-270,000/mt ($923-940/mt) ex-works, though the tradable level have been estimated by Pakistani buyers at around PKR 260,000/mt ($905/mt) ex-works.
All prices on Pakistani rupee basis include 18 percent VAT.
$1 = PKR 287.25
