Considering the ongoing slow local sales for finished products in Pakistan this week, demand for imported scrap has also remained sluggish, while only occasional deals have been reported at lower levels.
More specifically, following several deals for around 3,000 mt in total of ex-EU/UK shredded scrap in containers signed during the past days at $418-422/mt CFR, against $420-422/mt CFR heard last week, new offers have settled mainly at $417-420/mt CFR by the middle of this week. This means offer prices have lost at least $5-8/mt week on week. Meanwhile, offers for ex-UAE HMS grade scrap have been voiced at $410/mt CFR, mainly the same as last week.
In the meantime, local prices for 10-12mm rebar of grade 60 have been heard at PKR 250,000/mt ($898/mt) ex-works and slightly below, while local prices for local scrap equivalent to shredded have settled at PKR 150,000/mt ($539/mt) ex-warehouse, mainly the same as last week, though talk about new deals signed with discounts of PKR 5,000/mt ($18/mt) has started to circulate in the market.
All prices on Pakistani rupee basis include 18 percent VAT.
$1 = PKR 278.50