This week, new offers for shredded scrap in Pakistan have posted another increase, though most Pakistani buyers have stayed away from purchases given the impossibility of opening new letters of credit (LCs).
More specifically, offers for ex-UK shredded scrap in containers have settled at $490-500/mt CFR, up by $5-10/mt over the past week. However, according to sources, trade activity has remained in a lull with no fresh deals reported so far due to continuous problems with LCs.
Meanwhile, the tradable prices for local 10-12 mm rebar of grade 60 in Pakistan have remained at around PKR 300,000/mt ($1,060/mt) ex-works. The prices for local scrap equivalent to shredded in Pakistan have increased to around PKR 200,000/mt ($706/mt) ex-warehouse, up by PKR 6,000/mt ($21/mt) over the past two weeks.
All prices on Pakistani rupee basis include 18 percent VAT.
$1 = PKR 283.15