Having failed to see lower offers from foreign suppliers, Pakistani scrap buyers have been forced to accept prices even higher that those valid a week ago. Specifically, this week a few bookings for shredded 211 scrap of European origin in containers to Pakistan for a total of around 8,000-10,000 mt have been heard at $530-535/mt CFR, up $8-10/mt compared to offers relevant a week ago. “Scrap suppliers to Pakistan are becoming more rigid. Meanwhile, containers appear likely to be a more rare commodity than shredded scrap,” an official at a major Pakistan-based rebar mill commented. In the meantime, offers for ex-UAE HMS have remained unchanged week on week at $500-505/mt CFR.
Domestically, prices of scrap equivalent to shredded has moved sideways within the past week, with most offers being voiced at PKR 112,500-113,000/mt ($668-671/mt) ex-warehouse Lahore. The official prices for 12-32 mm rebar of grade 60 in Pakistan are at PKR 175,000-177,500/mt ($1,043-1,058/mt) ex-works Lahore, unchanged week on week.