Trade activity in Pakistan’s import scrap market has been muted this week, with the Eid holiday curbing participation from both buyers and sellers. At the same time, this ongoing inactivity has contributed to a sustained drop in prices and a lack of buying interest. According to sources, a slow recovery is anticipated following the holiday, as many mills are not expected to resume production until next week.
More specifically, offers for ex-Europe/UK shredded scrap in containers have been voiced mainly at $375-380/mt CFR against $380-385/mt CFR last week, though, according to sources, most bids have been reported at $370-372/mt CFR, versus $375-378/mt CFR last week, with only a few deals for small quantities reported to have been signed at these levels.
Meanwhile, ex-UAE shredded scrap offers have been voiced at $385/mt CFR, down by $5/mt week on week, while offers for HMS grade scrap have been reported at $355-360/mt CFR, compared to $365/mt CFR last week.
“Trade activity is unlikely to pick up immediately after the holiday break, with many mills expected to restart only next week,” a Pakistani trader told SteelOrbis.
In the meantime, local prices of scrap equivalent to shredded in Pakistan have settled at around PKR 140,000/mt ($495/mt) ex-warehouse, mainly the same as last week. Besides, the tradable level for local 10-12 mm rebar of grade 60 has been heard at PKR 235,000/mt ($832/mt) ex-works.
All prices on Pakistani rupee basis include 18 percent VAT.
$1 = PKR 282.49