Import scrap activity in Pakistan has remained moderate, with market insiders reporting new deals signed for ex-UK/EU shredded scrap at slightly lower levels as compared to last week. Meanwhile, tradable prices for local rebar have decreased further this week, given the slight strengthening of the national currency against the US dollar.
More specifically, according to sources, following several deals for ex-EU/UK shredded scrap at $435-437/mt CFR last week, at least 5,000 mt of the materials have been booked this week at $430-435/mt CFR. “We booked 2,000 mt of ex-EU shredded scrap at $432/mt CFR, while more bookings for around 3,000 mt in total were also reported at $430-435/mt CFR this week,” a Pakistani trader told SteelOrbis. Offers for ex-EU/UK shredded scrap have dropped by $5/mt week on week to $430-435/mt CFR levels.
At the same time, the tradable prices for local rebar 10-12 mm of grade 60 have been estimated at PKR 285,000/mt ($932/mt) ex-works, down by PKR 5,000-7,000/mt ($17-24/mt) week on week. Besides, local scrap prices equivalent to shredded have dropped in Pakistan by PKR 10,000/mt ($34/mt) to PKR 175,000/mt ($603/mt) ex-warehouse.
All prices on Pakistani rupee basis include 18 percent VAT.
$1 = PKR 290.13