Contrary to initial expectations of a price decline based mainly on lower deal prices in Turkey lately, import scrap offers in Pakistan have remained either stable or in some cases have even risen. Specifically, this week offers of shredded 211 scrap of European origin in containers to Pakistan have been voiced chiefly at $545-550/mt CFR Qasim. Although most customers are convinced that prices in Pakistan are likely to follow the trend in the global market in the coming days, on the eve of the religious holidays a few deals have been concluded at current prices. According to market sources, some local steel mills have already declared a suspension of any business activities effective from July 15. As SteelOrbis reported previously, during the past week, deals for shredded 211 scrap in containers have been concluded at $540-545/mt CFR Qasim.
Meanwhile, at the beginning of the current week domestic prices of scrap equivalent to shredded have risen by PKR 2,500/mt ($16/mt) compared to the end of the previous week, to PKR 103,000/mt ($644/mt) ex-warehouse. However, due to muted activity, the retailers have decided to return prices almost to their previous levels, to PKR 100,700/mt ($630/mt) ex-warehouse. Offers for domestic grade 60 rebar have risen this week to at least PKR 156,000/mt ex-works against PKR 154,000-155,500/mt ex-works a week ago. All prices on Pakistani rupee basis include 17 percent VAT.
$1 = PKR 158.75