Although import scrap prices have shown a slight decrease over the past week given worsening sentiments given due to low demand end-users’ coupled with the continuous depreciation of the local currency and approaching Ramadan month, trade activity has remained rather slow in the country.
More specifically, offers for ex-UK shredded scrap in containers have settled at $485-492/mt CFR, versus $490-500/mt CFR last week. According to sources, in general, trade activity has remained in lull with only some occasional deals reported recently.
“Some large buyers who have some limited facilities for opening letters of credit to keep their plants running may have booked some material,” a market insider said.
Meanwhile, according to sources, the tradable prices for local 10-12 mm rebar of grade 60 in Pakistan have decreased slightly by at around PKR 2,000/mt ($7/mt) to PKR 298,000/mt ($1,057/mt) ex-works, though official offers from mills have been at around PKR 300,000/mt ($1,065/mt) ex-works. The prices for local scrap equivalent to shredded in Pakistan have remained at around PKR 200,000/mt ($710/mt) ex-warehouse.
All prices on Pakistani rupee basis include 18 percent VAT.
$1 = PKR 281.81