During the current week, import offers of shredded 211 scrap of European and UK origin have been showing a slight decrease in Pakistan. Although Pakistani re-rollers have been not in a hurry to book material, affected by still slow demand, political instability and additionally by the evacuation of tens of thousands of people due to Cyclone Biparjoy in India and Pakistan, several deals have been fixed with additional discounts.
More specifically, most offers for ex-UK/EU shredded scrap in Pakistan have been voiced at $435/mt CFR, down by $10/mt over the past week, with a number of deals for around 5,000 mt in total reported to have been signed at the above level.
Meanwhile, the prices for local scrap equivalent to shredded in Pakistan have decreased as well, by around PKR 5,000/mt ($18/mt) week on week to PKR 185,000/mt ($652/mt) ex-warehouse, while offers for local 10-12 mm rebar of grade 60 have remained at around PKR 260,000/mt ($917/mt) ex-works.
All prices on Pakistani rupee basis include 18 percent VAT.
$1 = PKR 283.59