Import scrap prices in Pakistan have remained largely unchanged over the past week, while most buyers have preferred to shy away from concluding new deals amid slow end-user demand and ongoing payment issues in the country.
More specifically, offers for ex-EU/UK shredded scrap in containers have settled at $425/mt CFR, the same as last week, while the gap between offers and bids has been around $5/mt. According to sources, following deals at $428-430/mt CFR at the beginning of last week, by the end of last week and the beginning of this week materials changed hands at $423-427/mt CFR, totaling around 4,000 mt. “Currently, most bids are estimated at $420/mt CFR, with very few transactions reported in the market,” a Pakistani trader told SteelOrbis.
Meanwhile, offers for ex-Middle East HMS grade scrap in containers have been heard at $410/mt CFR, against $405-410/mt CFR last week.
In the local market in Pakistan, offers for local rebar 10-12 mm of grade 60 have been reported at around PKR 250,000/mt ($898/mt) ex-works, down by PKR 1,000-3,000/mt ($4-11/mt) week on week, while offers for local scrap equivalent to shredded have remained at PKR 155,000-160,000/mt ($557-575/mt) ex-warehouse, the same as last week.
All prices on Pakistani rupee basis include 18 percent VAT.
$1 = PKR 278.37
