Import offers of shredded scrap in containers to Pakistan have continued to move up further this week, outracing the levels in the Turkish market. “There is too much resistance from buyers because the sales of finished steel are not picking up here,” the representative of a Pakistan-based rebar mill stated. “Overall, customers wish to wait and watch the developments in the global raw materials market. Prices for local scrap as well as for finished steel which are moving sideways are exerting pressure. Hence, only a little activity has been seen this week,” a Pakistan-based trader commented.
Accordingly, this week offers of shredded 211 scrap of European origin in containers to Pakistan have been voiced at $535-540/mt CFR Qasim, rising by $10/mt compared to the levels last week. Meanwhile, SteelOrbis has learned of a few bookings for small lots for a total of 10,000-15,000 mt at the low end of the abovementioned range, for July shipment.
Meanwhile, domestic prices of scrap equivalent to shredded have declined to PKR 95,600/mt ($608/mt) ex-warehouse, compared to PKR 95,900/mt ($610/mt) ex-warehouse last week. Offers for domestic grade 60 rebar have remained at around PKR 144,000-146,000/mt ($916-929/mt) ex-works. However, workable levels have been reported not higher than PKR 142,000-144,000/mt ($903-916/mt) ex-works.
All prices on Pakistani rupee basis include 17 percent VAT.
$1 = PKR 156.237