Although most offers for imported shredded scrap in containers to Pakistan have remained at relatively the same levels as compared to last week, market insiders have reported more deals signed at higher levels over the past week as sellers refused to provide more discounts.
Specifically, while most offers for shredded scrap in containers have remained at $415/mt CFR, deal prices have increased by $5/mt on average over the past week. According to sources, at least 5,000 mt of ex-EU/UK shredded scrap are reported to have been booked at $410-415/mt CFR this week. “Demand is slightly better these days, but in general more deals reflect the necessity to restock. Besides, a lot of people believe there is still room for further price growth amid India’s return from the holidays and the recent increase in European scrap deal prices in Turkey,” an international trader told SteelOrbis.
At the same time, in the local market the price uptrend has been reversed this week, with offers for scrap equivalent to shredded dropping by PKR 7,000-12,000/mt ($25-42/mt) to PKR 160,000-165,000/mt ($564-582/mt) ex-warehouse. Besides, local prices for 10-12 mm rebar of grade 60 have decreased as well, by around PKR 6,000/mt ($21/mt) week on week to PKR 260,000/mt ($916/mt) ex-works.
All prices on Pakistani rupee include 18 percent VAT.
$1 = PKR 283.71