The uptrend in imported scrap prices in Pakistan has been reversed during the past week. Although general business activity has remained muted due to slow end-users’ demand affected by heavy rains in the country.
Specifically, within the past week import offers of ex-UK/EU scrap in containers in Pakistan have fallen to $480-490/mt CFR, down by $15-20/mt week on week. However, despite the price decrease, most Pakistani buyers have been refraining from new purchases, with only a few deals reportedly signed at $490/mt CFR at the beginning of this week.
“Steel sales are very slow due to record rains in Pakistan, everything is flooded, this is the heaviest rainfall we have seen in many years. But now it seems the season is finally finished so we expect that trade activity will start to pick up slowly in the next weeks,” one of the biggest rebar manufacturers in Pakistan told SteelOrbis.
Meanwhile, local offers for domestic grade 60 rebar in southern Pakistan have been heard at around PKR 222,000-224,000/mt ($1,012-1,023/mt) ex-works, but, according to market insiders the tradable level has settled at below PKR 220,000/mt ($1,003/mt) ex-works.
All prices on Pakistani rupee basis include 17 VAT.
$1 = PKR 219.26