Although most offers for imported shredded scrap in containers to Pakistan have remained at relatively the same level as compared to last week, market insiders have reported more deals signed at slightly higher levels over the past week given the mounting bullishness in Turkey.
Specifically, most offers for ex-EU/UK shredded scrap in containers have been voiced at around $420/mt CFR, while, following a few deals at $415/mt CFR last week, this week at least 6,000 mt is reported to have been booked at $415-418/mt CFR Karachi, according to sources. “Demand still leaves much to be desired, so sales remain occasional,” a Pakistani trader told SteelOrbis, adding, “Most sellers are becoming more bullish amid the uptrend in Turkey.”
Meanwhile, the tradable price for 10-12 mm rebar of grade 60 in Pakistan has remained relatively unchanged at PKR 265,000/mt ($932/mt) ex-works, though, according to sources, customers have been pushing for more discounts, bidding at around PKR 255,000-258,000/mt ($897-908/mt) ex-works.
Local scrap prices, however, have settled at PKR 168,000-169,000/mt ($591-595/mt) ex-warehouse, against PKR 170,000-175,000/mt ($598-616/mt) ex-warehouse last week.
All prices on Pakistani based rupee include 18 percent VAT.
$1 = PKR 284.20