New offers for import scrap in Pakistan have posted a slight increase this week though most Pakistani buyers have remained inactive given the extremely low finished steel demand in the country coupled with continuing liquidity issues.
More specifically, offers for ex-EU/UK shredded scrap in containers have been voiced at around $430/mt CFR, against $425/mt CFR last week, while some market insiders have already reported offers at as high as $435/mt CFR. “Some occasional deals were concluded at $420-424/mt CFR levels on average later at the end of last week, while as of Thursday, May 9, some bids have been heard at $425/mt CFR, but sellers are not willing to accept this level,” a Pakistani trader told SteelOrbis.
Meanwhile, according to sources, offers for ex-Middle East HMS grade scrap have been reported at $425/mt CFR, up by $15/mt week on week, despite the slow buying and interest from Pakistan, mainly driven by India.
In the local market in Pakistan, offers for local rebar 10-12 mm of grade 60 have remained at PKR 250,000/mt ($899/mt) ex-works, while offers for local scrap have been heard at around PKR 160,000/mt ($575/mt) ex-warehouse.
All prices on Pakistani rupee basis include 18 percent VAT.
$1 = PKR 278.23