Having failed to see lower offers from foreign suppliers, Pakistani scrap buyers have been forced to accept higher prices. Specifically, after shredded 211 scrap of UK and European origin was sold at the beginning of this week at $615/mt CFR, new deals for around 5,500 mt in total have been reported at $620-625/mt CFR. Besides, by Thursday, March 10, several deals have been signed at $630-632/mt CFR, according to sources. Meanwhile new offers are standing at $635-640/mt CFR, up by $20/mt since Monday, March 7. In the meantime, ex-UAE HMS offers have risen by $30/mt over the past week to $620/mt CFR.
Meanwhile, the prices for local scrap equivalent to shredded in Pakistan have been increased to PKR 124,500-126,500/mt ($670-711/mt) ex-warehouse, up by around $7,000-11,000/mt ($39-62/mt) over the past week.
Prices for 10-12 mm rebar of grade 60 have also been increased by around PKR 11,000/mt ($62/mt) to PKR 195,000- 200,500/mt ($1,096-1,124/mt) ex-works. “Rebar prices have increased so much due to a sharp hike in the cost of inputs and severe supply chain disruptions and shortages,” a market insider told SteelOrbis.
All prices on Pakistani rupee include 17 percent VAT.
$1 = PKR 177.9