Import scrap prices in Pakistan have shown a slight downward bias this week, prompting a few mills to resume bookings. However, overall demand remains sluggish as monsoon-related disruptions continue to hamper mills’ operations and construction activity. Market participants noted that, while some buyers took advantage of the small price correction, most are still adopting a cautious stance amid ongoing seasonal and economic uncertainties.
Specifically, import shredded scrap prices for ex-UK/EU origin have settled at around $380-384/mt CFR levels compared to $380-390/mt CFR last week. According to sources, several deals for ex-UK shredded scrap were signed at $380/mt CFR at the beginning of this week, down by $1-3/mt week on week. Besides, a deal for ex-EU shredded scrap has been signed at $379/mt CFR, according to sources.
Furthermore, offers for ex-UAE shredded scrap have been voiced at $380-390/mt CFR, against $395/mt CFR last week, while a deal for ex-UAE HMS I/II 80:20 scrap has been reported at $375/mt CFR.
Meanwhile, local prices of scrap equivalent to shredded in Pakistan have settled at around PKR 140,000-142,000/mt ($492-499/mt) ex-warehouse, down by PKR 1,000/mt ($3.5/mt) on the higher end of the range over the past week. Besides, the tradable level for local 10-12 mm rebar of grade 60 has been heard at PKR 235,000-240,000/mt ($827-844/mt) ex-works, moving sideways week on week.
All prices on Pakistani rupee basis include 18 percent VAT.
$1 = PKR 284.29
