The continuous rises in import scrap prices in Turkey, coupled with the approach of winter, has encouraged Pakistani customers to return to active negotiations. Although trading activity has remained relatively modest so far, a few sporadic deals to Pakistan have been heard this week, though at prices slightly lower than those the suppliers have been targeting. Specifically, this week most European suppliers of shredded scrap have continued to target $450/mt CFR levels and above in their offerings, unchanged compared to the levels a week ago. Meanwhile, a few trades (for at least 13,000 mt of ex-Europe shredded scrap, in total) have been heard at $440-442/mt CFR Qasim.
In the meantime, with the rise in rebar prices at the beginning of the current week, Pakistani rebar mills have secured some room for themselves to accepte higher prices for feedstock. As SteelOrbis reported earlier today, Pakistani mills have increased their offer prices for G-60 rebar (10-12mm) by PKR 2,000-3,000/mt ($9-13/mt), to PKR 216,000-219,000/mt ($960-974/mt) ex-works, depending on the mill.