Import offers of shredded scrap in containers to Pakistan have moved up again sharply this week amid the rising trend in the Turkish scrap market and, in particular, increasing optimism about future developments in the global steel segment in general. Meanwhile, a huge deficit in supply locally has left Pakistani buyers no other choice but to accept new, higher import prices.
Accordingly, import prices of shredded 211 scrap of European origin in containers to Pakistan have largely increased by $15/mt over the past week to $460-465/mt CFR Qasim. A few deals have been fixed at the low end of the range during the current week. “There is definitely interest in clusters. Not all customers are buying, but activity is there. Firm bids are mainly at $457-458/mt CFR levels,” a Pakistan-based trader stated. Offers of HMS from the UAE have also been voiced, at $460/mt CFR Qasim this week, sources report. Meanwhile, local prices of scrap equivalent to shredded in the northern region of Pakistan have hovered at PKR 89,700/mt ($584/mt) ex-warehouse. Domestic grade 60 rebar in the northern provinces has been available at PKR 131,000/mt ($859/mt), ex-works. Offers of rebar of the same grade in the south have reached PKR 134,000 ($872/mt) ex-works. All prices on Pakistani rupee basis include 17 percent VAT.
$1 = PKR 152.129