This week, both offers and deal prices for imported scrap in Pakistan have remained mainly at the same levels as last week, while trade activity is still sluggish due to slow finished steel demand.
Specifically, offers for ex-Europe shredded scrap in containers have remained at $368-372/mt CFR, mainly the same as last week, while trade inquiries have continued to remain below $368/mt CFR. “Trade has been extremely slow. We heard talk about deal prices at around $360/mt CFR at the end of last week, but without official confirmation, while this week the lowest offers are still voiced at $368/mt CFR,” a market insider told SteelOrbis.
Meanwhile, local prices of scrap equivalent to shredded in Pakistan have remained relatively stable at around PKR 135,000/mt ($480/mt) on average ex-warehouse. Besides, the tradable level for local 10-12 mm rebar of grade 60 has been heard at PKR 235,000-240,000/mt ($836-853/mt) ex-works, the same as last week.
“Pakistan’s steel market is likely to stay subdued in the short run, as mills anticipate additional price declines amid substantial unsold steel stocks and persistent gaps between bids and offers in the imported scrap sector. The overall market direction will hinge on international scrap trends, with a particular focus on demand from Turkey,” a representative of one mill commented.
All prices on Pakistani rupee basis include 18 percent VAT.
$1 = PKR 281.25
