New offers for shredded scrap in Pakistan have posted a slight increase this week, after weeks of declines, and some deals have already been heard at higher levels.
Specifically, after shredded scrap 211 of UK and European origin was sold last week at $510-515/mt CFR last week, new deals have been reported at $515-520/mt CFR this week. Meanwhile, new offers have already settled at $525-535/mt CFR. “Most Pakistani customers are still bidding at $520/mt CFR, as buyers want to understand if the recent price hike will remain or not before they openly accept higher offers. But restocking requirements are high and serious enquiries are coming,” a Pakistan-based trader told.
Meanwhile, the prices for local scrap equivalent to shredded in Pakistan have increased to around PKR 125,000-128,000/mt ($630-645/mt) ex-warehouse, up by PKR 5,000/mt ($25/mt) week on week.
$1 = PKR 198.3