Offers for imported shredded scrap in containers in Pakistan have been stable or have increased a little compared to last week, while trading has remained very poor. The main supportive factors have been the rises in local scrap and rebar prices in Pakistan, and the expected further rise in freight rates due to issues arising from the Red Sea crisis.
Offers for ex-EU shredded scrap in containers have been reported at $435-440/mt CFR, increasing by $5/mt over the past week, though buyers’ price ideas are still close to $430-435/mt CFR. “It's too cold here in Pakistan and demand for longs is bad. So, not many [scrap] bookings were heard this week,” a source said.
At the same time, domestic prices for scrap and rebar have increased by up to PKR 5,000/mt ($18/mt) since last week. In particular, offers for local scrap equivalent to shredded have been settled at PKR 170,000-175,000/mt ($606-624/mt) ex-warehouse, while the tradable price for local 10-12 mm rebar of grade 60 in Pakistan has added PKR 3,000-5,000/mt ($11-18/mt) to PKR 260,000/mt ($927/mt) ex-works. The depreciation of the local currency has also impacted buyers’ interest in imports of scrap.
All prices on Pakistani rupee basis include 18 percent VAT.
$1 = PKR 280.32