Stable offers for import scrap in Pakistan have not been translated into active bookings this week, as mills have pointed to muted buying interest due to pre-Eid uncertainty.
More specifically, offers for ex-Europe/UK shredded scrap in containers have been voiced mainly at $380-385/mt CFR, mainly the same as last week or showing only a slight downward bias on the higher end of the range, though, according to sources, most bids have been reported at $375-378/mt CFR, compared to bids at $380-382/mt CFR last week, with a few deals for small quantities reported to have been signed at $380/mt CFR.
Meanwhile, ex-UAE shredded scrap offers have been voiced at $390/mt CFR, down by $2/mt on the higher end of the range week on week, while offers for HMS grade scrap have been reported at $365/mt CFR, down by $5/mt week on week.
“Bookings in Pakistan have remained subdued due to weakened finished steel demand ahead of the Islamic festival Eid al-Adha on June 6-10,” a Pakistani trader told SteelOrbis.
In the meantime, local prices of scrap equivalent to shredded in Pakistan have settled at around PKR 140,000/mt ($494/mt) ex-warehouse, mainly the same as last week. Besides, the tradable level for local 10-12 mm rebar of grade 60 has been heard at PKR 235,000-238,000/mt ($829-840/mt) ex-works, down by PKR 2,000/mt ($7/mt) week on week.
All prices on Pakistani rupee basis include 18 percent VAT.
$1 = PKR 283.45