During the current week, import offers of shredded 211 scrap of European and UK origin to Pakistan have been showing a slight decrease, falling to $440/mt CFR as compared to offers at $440-445/mt CFR last week. Although Pakistani re-rollers have not been in a hurry to book material, several deals have been fixed with additional discounts.
More specifically, according to sources, Pakistani buyers are reported to have signed a number of deals for around 3,000-5,000 mt in total for ex-UK/EU shredded scrap at $435-438/mt CFR this week, down by $4-5/mt compared to deal prices last week.
“The market is more or less stable, as no major movement has been noticed. But business activity is not so slow much, as buying has been happening in pockets,” a Pakistani trader told SteelOrbis.
Meanwhile, the prices for local scrap equivalent to shredded in Pakistan have remained unchanged over the past week, standing at PKR 185,00-190,000/mt ($657-674/mt) ex-warehouse.
Prices for 10-12 mm rebar of grade 60 from mills in Pakistan have decreased though, moving down by around PKR 4,000-5,000/mt ($14-18/mt) week on week to PKR 260,000-266,000/mt ($923-944/mt) ex-works.
All prices on Pakistani rupee basis include 18 percent VAT.
$1 = PKR 281.78