With the monsoon season in Pakistan appearing to have come to an end, the import scrap market is expected to remain range-bound until late September. Activity is likely to pick up in October as weather conditions improve and operations normalize. Although the liquidity crisis continues to weigh on buyers, overall sentiment remains cautiously optimistic, supported by stable production and supply levels.
More specifically, offers for ex-EU/UK shredded scrap in containers have settled at $370-375/mt CFR, down by $2/mt on the lower end from two weeks ago, with several deals for ex-UK scrap reported to have been done at $367-370/mt CFR over the past ten days, down by $1-3/mt week on week.
Meanwhile, offers for ex-UAE HMS grade scrap have been voiced at $365/mt CFR, the same as last week, while shredded scrap offers from the UAE have been voiced at $387/mt CFR, down by $1-3/mt over the past week.
Local prices of scrap equivalent to shredded in Pakistan have settled at around PKR 140,000/mt ($490/mt) ex-warehouse, 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/mt ($823/mt) ex-works, compared to PKR 230,000-235,000/mt ($806-823/mt) ex-works last week.
All prices on Pakistani rupee basis include 18 percent VAT.
$1 = PKR 285.49
