The rapid downtrend in the steel market in China, coupled with increased uncertainty among global market players as regards the future, have made Pakistani buyers more cautious towards new scrap bookings. In the meantime, offers of shredded 211 scrap of European origin in containers to Pakistan have decreased to $512-515/mt CFR Qasim, down $8-10/mt over the past week. “Customers are holding back, taking a wait-and-watch stance on the back of recent developments in the world,” a Pakistan-based trader commented with regard to the current situation. According to some sources, rare offers at $508/mt CFR Qasim likely reflect fears of a further decline among scrap suppliers. Meanwhile, shredded scrap of Emirati origin is reported to be available at $495/mt CFR Qasim.
Meanwhile, domestic prices of scrap equivalent to shredded have increased to around PKR 96,500/mt ($628/mt) ex-warehouse, up by PKR 2,500/mt ($16/mt) over the past week. Offers for domestic grade 60 rebar have been adjusted upwards again, to around PKR 145,000-146,000/mt ($944-950/mt) ex-works, up PKR 2,500/mt ($15-16/mt) over the past week.
All prices on Pakistani rupee basis include 17 percent VAT.
$1 = PKR 153.656