With buying activity having accelerated lately in Turkey, global scrap suppliers have continued to voice higher prices in offers to the Asian markets, in particular, to Pakistan. However, Pakistani customers have continued just to book material for their urgent needs, being unsure of the future price trend in the global market. “I am very confused now. Given all the information leaking recently, I cannot understand whether the prices are tending to stabilize or are likely to move down,” an official at a major Pakistan-based rebar mill stated. “So much confusion prevails here in Pakistan. Now activity has slowed down and customers do not wish to pay current levels, but to wait for lower prices,” a Pakistani trader commented.
One way or another, this week import shredded scrap prices have increased on average by $5/mt over the past week. On balance, by the end of the current week the shredded 211 scrap of European origin is available at $555/mt CFR Qasim, while ex-US shredded scrap is offered at $550/mt CFR Qasim. A few bookings for small lots have been fixed at prices $5/mt than those mentioned above.
In the meantime, ex-UAE HMS scrap is still possible to buy at $520/mt CFR Qasim, according to sources.
Meanwhile, prices for local scrap equivalent to shredded in Pakistan have continued to rise, by the middle of the current week reaching PKR 127,250/mt ($724/mt) ex-warehouse from PKR 125,900/mt ($713/mt) ex-warehouse last week.
All prices on Pakistani rupee basis include 17 percent VAT.
$1 = PKR 175.854