This week, the import scrap market in Pakistan has remained under pressure from weak finished steel demand. At the same time, import scrap prices have declined slightly in new deals as buyers are seeking lower costs.
More specifically, offers for ex-Europe and ex-UK shredded scrap in containers have settled at $400-405/mt CFR levels, against $405-415/mt CFR last week. According to sources, several deals for around 2,000-4,000 mt of ex-UK shredded scrap have been signed at $390-395/mt CFR this week. Besides, talk about deals signed at as low as $385/mt CFR has also been circulating in the market.
Meanwhile, offers for HMS grade scrap from the UAE have been heard at around $375/mt CFR, down by $10/mt week on week.
At the same time, local demand for finished steel and for local scrap has remained sluggish this week, while offers for local rebar of grade 60 10-12 mm have been voiced at PKR 245,000-250,000/mt ($880-898/mt) ex-works, mainly the same as last week. Furthermore, offers for local scrap equivalent to shredded have been assessed at PKR 138,000/mt ($496/mt) ex-warehouse.
All prices on Pakistani rupee basis include 18 percent VAT.
$1 = PKR 278.42
