While occasional deals in the global scrap market were done at higher prices during the past week, import offers for shredded 211 scrap of European origin in containers to Pakistan have staged a сorresponding rebound. However, buying activity has been to some extent constrained due to the cautious stance of Pakistani customers and the insufficient demand for finished steel in particular.
Accordingly, this week offers of shredded 211 scrap of European origin in containers to Pakistan have been voiced at $525-530/mt CFR Qasim, versus $500-505/mt CFR Qasim a week ago. “Overall, customers are quiet as of now, being firmly determined to see the market direction at first,” a Pakistan-based trader commented with regard to the current situation. By the end of the current week, SteelOrbis has learned of a few sporadic deals for a total of 5,000-6,000 mt of shredded 211 scrap of European origin in containers at $525/mt CFR Qasim. “There is demand in Pakistan, but buyers are hesitating to book at current prices,” another regional trader stated.
Meanwhile, domestic prices of scrap equivalent to shredded have increased to around PKR 95,900/mt ($610/mt) ex-warehouse, compared to PKR 93,200/mt ($600/mt) ex-warehouse last week. Offers for domestic grade 60 rebar have been announced this week at around PKR 144,000-146,000/mt ($916-929/mt) ex-works, according to market sources.
All prices on Pakistani rupee basis include 17 percent VAT.
$1 = PKR 155.267