Uptrend of scrap offer prices to Pakistan gains momentum

Wednesday, 13 October 2021 17:18:34 (GMT+3)   |   Istanbul
       

Import scrap offers to Pakistan have continued to move up at a rapid pace due to the bullishness of global scrap suppliers, following their success in receiving higher prices in deals to Turkey. “The prices are becoming uncontrolled this week,” a major Pakistan-based trader commented as regards the developments in the market. “The market has been going crazy lately. Prices are changing day by day,” the representative of a Pakistan-based rebar mill stated.

Specifically, while at the beginning of week the shredded 211 scrap of European origin was available at $540-545/mt CFR, up by $20-25/mt week on week, by the middle of the week most offers have reached $550-555/mt CFR. Pakistani customers have been quite active in bookings, seeking to secure themselves from even more expensive deals. Some market sources believe that by the end of the week import offers will hardly be below $560/mt CFR, considering the recent developments in the market. Meanwhile, ex-UAE HMS scrap is said to be available at $525-530/mt CFR, up $5-10/mt over the past week.

In the meantime, local suppliers of scrap equivalent to shredded have increased their prices to at PKR 113,000/mt ($662/mt) ex-warehouse Lahore, up PKR 500/mt over the past week, following the previous increase by PKR 5,500/mt. Citing high input costs and currency fluctuations, domestic mills have adjusted their rebar prices by PKR 3,000/mt (around $17-18/mt) upwards. Consequently, 12-32 mm rebar of grade 60 in Pakistan is available at PKR 178,000/mt ($1,042/mt) ex-works Lahore.

All prices on Pakistani rupee basis include 17 percent VAT.

$1 = PKR 170.791


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