Pakistan’s imported scrap market has remained broadly stable over the past week, with ex-UK/EU shredded scrap prices largely maintaining last week’s levels, while buyers have continued to purchase selectively to keep stocks updated. Although bids have remained below offer levels in some cases, market sources have indicated that regular restocking has continued, continuing to support import prices.
More specifically, offers for ex-EU/UK shredded scrap have been offered at $420-425/mt CFR for May shipment this week, broadly in line with the offer levels reported last week. At the same time, according to sources, ex-EU shredded scrap has been sold at $420/mt CFR Qasim for 500 mt and at $421/mt CFR Qasim for 1,000 mt, for May shipment, compared to bookings at $420-425/mt CFR heard last week. Current bids for ex- EU/UK shredded scrap have been reported at $410-415/mt CFR, indicating a decline of up to $10/mt compared to $420/mt CFR heard last week. Overall, the workable price range for ex- EU/UK shredded scrap has remained close to $420/mt CFR, broadly stable week on week, though buyers are still trying to push bids lower.
“Buyers are still in the market for regular purchases to keep stocks updated, but activity remains selective,” a source in the market told SteelOrbis.
In the meantime, Malaysian origin material has also been present in the market. According to sources, ex-Malaysia NTP bundles have been sold at $425/mt CFR Qasim this week, while two Malaysian origin cargoes are reported to have been booked recently, including 500 mt of busheling and 1,000 mt of shredded scrap at around $435/mt CFR Qasim. Market participants have indicated that the higher level was mainly linked to a faster transit time.
Meanwhile, in the Pakistani domestic market, prices have moved up compared to last week, supported by regular restocking activity and higher local price levels. According to market sources, grade 60 rebar prices have been heard at around PKR 260,000/mt ($932/mt) ex-works, up from PKR 235,000-245,000/mt ($843-879/mt) ex-works heard last week. At the same time, local scrap prices equivalent to shredded have been reported at around PKR 160,000/mt ($574/mt) ex-warehouse, compared to PKR 147,797-157,557/mt ($530-565/mt) ex-warehouse heard last week. Market participants have indicated that, while demand has not shown a strong recovery, mills have continued to purchase according to their immediate requirements and to keep their stock levels updated.
All prices on Pakistani rupee basis include 18 percent VAT.
$1 = PKR 278.73
