During the past week, the uptrend in the scrap segment in Pakistan has accelerated. While offers for import shredded scrap in containers to Pakistan have increased in line with developments in the global market, local scrap suppliers have also attempted to raise prices in order to offset their costs.
As a result, offers for shredded 211 scrap of European origin in containers to Pakistan have reached $400-405/mt CFR Qasim, up by $20/mt within the past week. “Demand is fine. However, only the “big guys” in the market can accept such a rapid growth of prices,” a Pakistan-based source commented. Meanwhile, local traders have also revised their prices upwards by about PKR 1,000/mt over the past week to PKR 74,000-74,500/mt ex-warehouse. “Local prices are volatile recently, as we have to adapt to this crazy market,” a local trader said.
According to sources, the domestic rebar market has not kept the pace with the scrap price changes. Local rebar in Pakistan is mostly available at PKR 114,000-120,000 /mt ($709-746/mt) ex-works, including 17 percent VAT.
$1 = PKR 159.924