Having refreshed their stocks in the first half of April, most Pakistani scrap customers have left the market due to the start of Ramadan. “Normally, this is expected and happens due to reduced office hours,” a key Pakistan-based trader stated.
Meanwhile, this week import prices of shredded 211 scrap of European origin in containers to Pakistan have been voiced largely at $458-464/mt CFR Qasim, versus $460-465/mt CFR Qasim a week ago. Rare deals for lots of 1,000-2,000 mt have been heard at $458-461/mt CFR Qasim within the current week. HMS from the UAE has been offered at $455/mt CFR Qasim, down $5/mt over the past week, market sources report.
In the meantime, local traders have not been in a rush to adjust prices, citing scarce stocks in their yards. Accordingly, local prices of scrap equivalent to shredded in the northern region of Pakistan have remained unchanged for the third consecutive week at PKR 89,700/mt ($584/mt) ex-warehouse. Prices for domestic grade 60 rebar in the northern provinces have also remained unchanged at PKR 131,000/mt ($856/mt) ex-works. All prices on Pakistani rupee basis include 17 percent VAT.
$1 = PKR 152.57