The number of inquiries for import scrap from customers in Pakistan has been increasing during the past two weeks given the necessity to replenish the stocks. Meanwhile, prices have decreased slightly in new deals, though sentiment regarding the future trend remains unclear.
Accordingly, following several deals for ex-UK shredded scrap in containers signed at $410-412/mt CFR last week, at least 5,000 mt in total are reported to have been bought at $400-405/mt CFR by Pakistani customers this week. “Although finished steel demand has improved as compared to the previous month, most market insiders still agree on a slower-than-expected recovery,” a market insider told SteelOrbis.
At the same time, in the local market most offers for scrap equivalent to shredded have been voiced at PKR 172,000/mt ($607/mt) ex-warehouse, down by PKR 1,000/mt ($3.5/mt) week on week. Besides, the tradable level for local 10-12 mm rebar of grade 60 has decreased slightly as well, falling to around PKR 245,000/mt ($864/mt) ex-works and below, down by PKR 5,000/mt ($17.6/mt) over the past week.
All prices on Pakistani rupee basis include 18 percent VAT.
$1 = PKR 283.45