Pakistan, which is usually focused on import scrap purchases in containers, has lately restarted bulk purchases of scrap from the UK.
Accordingly, a deal for 30,000 mt of shredded 211 scrap from the UK has been signed at around $480/mt CFR this week, a number of sources confirmed. It is expected that this trend may continue considering the sharp fall in import scrap prices and lower bulk freight rates.
Meanwhile, demand for scrap in containers is still slow in Pakistan this week. A few bookings of ex-UK shredded scrap have been heard at $485-488/mt CFR Qasim this week, down by $22-25/mt week on week. Meanwhile, new offers have already settled at $470-480/mt CFR, compared to $510-520/mt CFR last week.
At the same time, this week local rebar producers in Pakistan have increased their rebar prices by around PKR 7,000/mt ($34/mt) since the beginning of June. As a result of the revision, 10-12 mm rebar of grade 60 is available at around PKR 228,000-231,000/mt ($1,106-1,120/mt) ex-works, as SteelOrbis reported earlier. This decision was mainly attributed to the increase in power tariffs coupled with the continuing depreciation of the national currency.
$1 = PKR 205.3
